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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…
…prior four fiscal years. This business tax revenue comprised approximately 43.5 percent of all state and local tax revenue collected. Taxes included in the study were corporate income and franchise…
…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…
…Opportunity Zone Considerations For investors with gain deferral, the mandatory gain recognition on December 31, 2026, will necessitate careful planning in advance of the recognition date. Liquidity to pay the…
…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….
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…
…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…
…Progress (WIP) meetings with project managers to ensure contract prices, estimates, and costs are accurate Proactively assessing the impact of newly adopted or upcoming accounting pronouncements Revenue Recognition (ASC 606):…
…Standards Board (“FASB”) issued Accounting Standards Update 2020-05, which granted a one-year delay on the required implementation dates of the new lease and revenue recognition standards for certain entities. Targeted…