…Revenue: Franchise & Excise Tax Tennessee Department of Revenue: Franchise Tax Computation Tennessee Department of Revenue: Franchise & Excise Tax Notice Tennesse Department of Revenue – Report of Debts Tennesse…
…and government guarantees. Recognition and Measurement: Grants would be recognized when it’s probable (1) the entity will meet the conditions of the grant and (2) that the grant will be…
…Marketing Achievement Award Firm Wins Virginia PRSA 2020 Commonwealth Award of Merit Mike Gracik Wins 2020 Virginia CPA Outstanding Member Award Learn more about the Firm’s latest awards and recognition….
…recognition of losses, insurance recoveries, and adjustments to financial statements. These processes are governed by intricate accounting standards, such as Accounting Standards Code (ASC) 610-30, which outline how to handle…
…private letter ruling requests to request the late election. Due to the volume of requests received, in 2017 the IRS issued guidance in Revenue Procedure 2017-34 to allow a two…
…Accounting Standards Update that would grant a one-year effective delay for certain entities implementing the new lease and revenue recognition standards. FASB to Consider Delaying Implementation of New Lease Standard…
U.S. Manufacturers Expectations for 2019 Across the board, manufacturers are optimistic about the regional economy, sector growth, and increasing revenue expectations in 2019. In all aspects of business — technology…
…Standards Board (FASB) to delve into a unique challenge related to revenue accounting rules. This particular matter revolves around contracts, featuring conditional retainage receivable provisions, that have been overbilled as…
…plan to receive the RMD throughout the year prior to the CARES Act to revisit whether they want to proceed with the income recognition in 2020 or defer it until…
…or the Percentage-of-Completion Capitalized Cost Method (PCCM), which often accelerated income recognition and added reporting complexity. Now, the CCM exception has been expanded to include all residential construction contracts, regardless…
…credit losses, but this approach often delayed loss recognition, leading to inaccurately inflated balance sheets. CECL introduces a more proactive approach, focusing on expected losses, which means recognizing potential credit…