The shifty economic and trade tensions have been high as the U.S. and China, the world’s largest trading partners, are in an ongoing tariff
Significant and Current Tax Developments in California and Texas
California The California Franchise Tax Board has made significant tax developments to its existing rules for taxpayers doing business in multiple
Cost Recovery Modifications Under Tax Cuts and Jobs Act
The Tax Cuts and Job Act has modified various cost recovery rules under Sec. 179 and 168 under Rev. Proc. 2019-8. Signed into law in December 2017,
Understanding Sec. 7502(a), USPS, and non-USPS postmarks
Attention taxpayers! These days, taxpayers need to understand the reasoning behind Sec.7502(a), which states a petition must be timely mailed to be
How to Plan for Data Security
All professional tax prepares should review their data security protections by developing a written plan describing the company’s policies to protect
Improving IRS practitioner services
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,
Understanding the Impact of Wayfair on Businesses
The outcome of South Dakota v. Wayfair, Inc. (2018) affected each state’s nature of sales tax collection for remote sellers with or without a physical