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…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…
…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…
…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…
…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….
…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…
…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…
…gain recognition on December 31, 2026. Investments that were held for five years prior to the recognition date will be eligible for a 5% basis increase, and investments that were…
…non-profit entity receives an unconditional promise to use property in a lease-type situation where no payments are required or the payments can be considered de minimis, contribution revenue (donor-restricted support)…
…and Katie Christopher. This seminar provided clients and attendees with insightful updates on state and local tax issues, including income apportionment, sourcing revenue, economic nexus, and telecommuting tax considerations. Below…
…report from Strata Decision Technology and Syntellis Performance Solutions indicated a 10% increase in outpatient revenue August 2023 annualized compared to 2022, and consistently higher, positive margins over recent years…
…certain sales of employer stock to employee stock ownership plan sponsored by a S corporation Under section 1042 of the Internal Revenue Code (“Code”), an individual owner of stock in…
…issued proposed regulations in an attempt to address some of these questions. The IRS also released Notice 2018-64 which proposes a revenue procedure for calculating W-2 wages associated with the…