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 the Outcome of Wayfair Complies with Sales Tax Today
Part 1 When the U.S. Supreme Court revised the outcomes of South Dakota v. Wayfair, Inc. (2018) and Quill Corp. v. North Dakota (1992), the nature
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
New Guidance of Revenue Recognition and Automatic Method Changes
Under new guidance of FASB’s Issuance of Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606), the framework for
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,
Misclassifications: Independent Contractor versus Employee
Are you considered an independent contractor or an employee? Many factors differentiate your placement. The IRS states that a worker can be
Your eligibility to claim R&D Tax Credit
Due to the underutilization of R&D tax credit, taxpayers of startup companies that develop or improve products should be aware that they are