Unless you want IRS penalties and audits, you know you have to do it. Without it, you wouldn’t know your business’s financial health. Your business decisions would be shots in the dark. We’re talking about accounting, of course. So, how does accounting protect your business, gauge its health, and help you make decisions? In short […]
Cost Accounting Standards Board still working on conforming with GAAP – Accounting Today
The Cost Accounting Standards Board, a group set up by Congress in 1970 to make sure federal contractors charge their costs appropriately, is finally making some progress in aligning its 19 cost accounting standards with U.S. GAAP after Congress mandated in 2017 that it do so where practicable. A new report from the Government Accountability […]
FASB proposes changes to not-for-profits’ reporting of gifts-in-kind
FASB on Monday issued a Proposed Accounting Standards Update (ASU) designed to improve transparency in how not-for-profit organizations present and disclose contributed nonfinancial assets. Also known as gifts-in-kind, contributed nonfinancial assets include fixed assets such as land, buildings, and equipment; the use of fixed assets or utilities; materials and supplies, such as food, clothing, or […]
Accounting Plan for More Income Tax Disclosure Under Fire – Bloomberg Tax
U.S. accounting rulemakers face multiple objections Wednesday when they vet a proposal that would make businesses reveal more details about their income taxes. In one corner, multinational businesses say the plan is complex and could mislead readers of their financial statements. In another, investors say the proposal doesn’t go far enough. “It asks more questions […]
Accounting for kindness | Valley Life – Ontario Argus Observer
Officials with Nichol’s Accounting Group bestow members with Giggles & Grace a check for $1,000, which will be used by the organization as needed. Other local organizations also received $1,000 each including Treasure Valley Children’s Relief Nursery, The Mentoring Network, and Giraffe Laugh. Shawn Reynolds, executive director with Giggles & Grace, says the kindness by […]
Highest Interest Rate on Bank Fixed Deposits (FD) – February 2020
The post lists down the rate of interest on Bank fixed deposits as of February 8, 2020. You might want to bookmark this page as the FD interest rates would be updated every month. Would help you in better decision making. Fixed Deposit Highlights Most big banks like SBI have lowered their FD rates. Most banks […]
Get up to 9% in Small Bank FDs (9.5% for Senior Citizens) – February 2020
RBI on September 2015 had granted licence to 10 Small Finance Banks. Lately these banks have been in news for offering higher interest rates on their fixed deposits as compared to regular banks. In this post we would tell you whats on offer by small banks and if you should invest and bank with them! […]
Agreement provides mobility for CPAs, South African accountants
U.S. CPAs and South African chartered accountants have a pathway to have their credentials recognized in South Africa and the United States under a new agreement. This cross-border recognition was enabled when the AICPA signed a mutual recognition agreement with the South African Institute of Chartered Accountants (SAICA) and the National Association of State Boards […]
Case studies in forensic accounting – Accounting Today
In forensic accounting, accountants and lawyers may be close partners; and in fact, attorneys are often the reason accountants enter the field of forensic accounting to begin with. All three accountants featured in these case studies found their way into the field through an attorney who needed help with a particular case. The rest, as […]
NPS Tax Benefit u/s 80CCD(1), 80CCD(2) and 80CCD(1B)
In last few weeks I have got several mails and comments asking about the tax benefit on NPS. This post explains the tax deduction availa/ble for NPS under 3 sections: 80CCD(1), 80CCD(2) and 80CCD(1B). Tax Benefit on NPS Tier 1 and/or 2? NPS has two Tiers – 1 and 2. NPS Tier 1 is the […]