Tax professionals can complete the filing of returns online by using e-Services made possible by the IRS. The primary services include Transcript
Effective dates delayed for SEC, public, and private filers
FASB voted to delay the effective dates for its standards on accounting for leases, credit losses, hedge accounting, and long-term insurance
Revised: Balance sheet debt classification
On September 12, 2019, FASB revised its balance sheet debt classification in a Proposed Accounting Standards Update, which adopted an “overarching,
How to Write A Successful Tax Appeal and Win
For some taxpayers, the time may come when the IRS audits their income tax return. There are two solutions taxpayers can take. One is to challenge
An Overview of IRS Penalty Relief Sec. 6751(b)(1)
As stated in IRS Restructuring and Reform Act of 1998, P.L. 105-206 Sec. 6751(b)(1), taxpayers can dissolve penalties by submitting an “initial
What You Should Know About FASB ASC 740-10
Overview FASB Accounting Standards Codification (ASC) Subtopic 740-10 No. 48 provides accounting and disclosure guidance on the recognition of
How To Implement Strong Cybersecurity Measures
Cybercrimes occur often, and the risks are damaging to a company’s reputation, development, and client and investor relations. C-level leaders and
Penalties on information returns
Information returns are crucial for taxpayers. If they fail to report and pay the correct amount of tax on time, there are various potential and
Are business meal expenses deductible?
According to the Bluebook of The Joint Committee on Taxation, a business meal expense is considered entertainment and not deductible. However,