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Inflation Adjustments and Tax Tables for 2019

November 15, 2018 The Internal Revenue Service recently announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

New Firm Permit Renewal Requirement: Peer Review Firm Number

November 13, 2018 The Tennessee State Board of Accountancy is now requiring that firms enrolled in the peer review program provide a Peer Review Firm Number on the firm permit renewal application for 2018.

Lease Accounting: Simplifying the Discount Rate Debacle

November 12, 2018 Discount rates are one of the new data points that need to be captured when implementing the new lease accounting standard. The guidance for non-public companies is more lenient than that for public companies, but it will require significant consideration as the adoption date quickly approaches.

The Power of a #thankfulCPA

November 8, 2018 During this busy time of the year, when someone takes the time to say “Thank you!” that intentional expression of appreciation can be even more meaningful. Use these five easy steps to build a culture of appreciation at work.

IRS Issues Tax Preparer Due Diligence Rules

November 7, 2018 The Treasury Department and the Internal Revenue Service recently issued final regulations expanding the long-standing paid preparer due diligence requirement to include individual income tax returns claiming the head of household filing status.

SASB Codifies First-Ever Industry-Specific Sustainability Accounting Standards

November 7, 2018 In a ceremony at the London Stock Exchange, the Sustainability Accounting Standards Board (SASB) announced they have published the world’s first set of industry-specific sustainability accounting standards covering financially material issues.

FASB Proposal Addresses Accounting for Television Series

November 7, 2018 The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update (ASU) that would align the accounting for production costs for films and episodic content produced for television and streaming services.

FASB Improves Collaborative Arrangement Accounting Rules

November 5, 2018 The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that clarifies the interaction between the guidance for certain collaborative arrangements and the Revenue Recognition financial accounting and reporting standard.

FASB Staff Paper Assists with Franchise Revenue Recognition

November 5, 2018 The Financial Accounting Standards Board (FASB) recently announced the release of an educational FASB staff paper that provides implementation examples to help private company franchisors preparing to implement the revenue recognition standard in 2019.

IRS Issues Inflation Adjustments for Retirement Plans

November 1, 2018 The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS today issued technical guidance detailing these items in Notice 2018-83.