Journalofaccountancy Promo Codes, Coupons & Deals

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2020 Tax Filing Season Preview - Journal Of Accountancy

A s CPA tax preparers ready their practices for the 2020 filing season, they are making the usual adjustments to staff schedules, training, and other necessary measures. They might be facing this tax season with greater assurance than last year, when they first began to apply myriad tax law changes under the legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97.

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Tax Compliance After M&As - Journal Of Accountancy

Accounting for merger and acquisition (M&A) activity is a common challenge for tax compliance professionals. ... income should be split between the periods. There may be nonrecurring differences in GAAP versus tax-basis income (book-tax adjustments) resulting from the transaction. ... Interest Income, and 1099-OID, Original Issue Discount.

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How CPAs Can Help Clients With Student Loan Debt

Definition of a Mortgage Loan Payable The account Mortgage Loan Payable contains the principal amount owed on a mortgage loan. (Any interest that has accrued since the last payment should be reported as Interest Payable, a current liability. Future interest is not reported on the balance sheet.) ...

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Giving Back: Pro Bono Accounting Services

Pro bono services can benefit the accounting profession by enhancing the public image of CPAs. The AICPA Code of Professional Conduct recognizes a commitment to serve the public interest, and participation in pro bono services is one way CPAs can demonstrate this commitment, thereby increasing public trust in the profession.

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Employer-Provided Education Benefits

For tuition discount purposes, the definition excludes graduate schools and day care centers. Day care center discounts are governed by IRC Section 129 instead of IRC Section 117, which allows a maximum tax free discount of up to $5,000.00 per employee.

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Valid Transfers Excluded From Gross Estate

Under IRC section 2036(a) and Treasury regulations section 20.2036-1(a) there are two exceptions that prevent transfers from being included in a decedent's gross estate. First, if a transfer is a bona fide sale for adequate and full consideration, it is not part of the gross estate. Second, the transfer also

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Derivatives And Hedging: Accounting Vs. Taxation

EXECUTIVE SUMMARY Hedge documentation is important in both financial reporting and income taxation.For financial accounting purposes, on the date of the hedge, an entity must identify the hedged item, the instrument used, the type of risk hedged, the means of assessing hedge effectiveness, and the risk management objective and strategy.

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Should You Accept A Counteroffer From Your Employer?

Should you take the counteroffer? Deciding whether or not to accept a counteroffer involves a careful thought process. First, avoid getting nostalgic and fearing that you''re leaving your current firm in a tough spot. Remember: Everyone can be replaced. Save the tears for later and think about why you''re leaving.

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Strategies For Promoting Diversity And Inclusion

Appoint a diversity champion whose role is to concentrate on promoting diversity throughout your firm. Top management should learn about the issues surrounding diversity (this AICPA website can help) and how to approach people of different backgrounds and have meaningful discussions with them. That may not always come easily, but it's OK to ...

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Credit Card Fees Are OID - Accounting, Tax, Auditing News

The Tax Court held that credit card "interchange" fees received by subsidiaries of credit card issuer Capital One resembled interest that increased or created original issue discount (OID) related to the company's pool of credit card receivables. As OID, a daily amount was a€

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Lost And Found: Booking Liabilities And Breakage Income ...

If the balance of the unredeemed cards is subject to full escheatment, the company is precluded from recording any breakage income. It must forward the cash received for the cards to the state and remove the corresponding liability from its books. The new FASB pronouncement does not affect this accounting. Example 3: 100% escheatment

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Tax Consequences Of Home Purchase Programs

An employer that offers a home purchase program should be aware of the tax outcomes for itself and its employees. For more information, see Tax Clinic, "Tax Consequences of Home Purchase Programs for Relocating Employees" by Carlisle F. Toppin, in the March 2006 issue of The Tax Adviser.

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IRS Explains Disallowance Of Qualified Transportation ...

Non-Taxable Fringe Benefits o Qualified Employee Discounts -offer of discounted goods if the following conditions are met. 1. The discount cannot exceed the gross profit % when the goods are sold to customers. Gross profit % is: (total sales - cost of goods sold) / total sales. 2. Discount cannot exceed 20% of price offered to customers. If

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Control Cash-Register Thievery - Journal Of Accountancy

Control Cash-Register Thievery Show your clients the importance of looking above the bottom line. ... "After the Discount store closed, I think he went out there." ... File a civil lawsuit against the former manager for fraud and theft-civil fraud requires a lesser burden of proof than criminal fraud-or notify the IRS of a possible tax ...

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Revitalize Your Firm's Marketing Strategy

If you think there is room for improvement in your accounting firm's marketing and sales effort, you're in good company. A recent study by Broderick & Co., consisting of in-depth interviews with leaders representing 130 well-known professional services firms in accounting, law, executive search, management consulting, architecture, financial services and

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Nine Ways To Make Your Firm More Exciting

Nine Ways to Make Your Firm More Exciting Adding freshness and fun can be a serious part of doing business. ... New products and services expand the width and depth of your firm's scope. ... (not just the changing accounting profession), a firm needs to learn new ways of thinking and doing. Look around: Regularly check new business books in ...

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Valuing Closely Held Stock For Estate And Gift Tax Purposes

The Sixth Circuit, explicitly adopting an Eisenberg analysis, held that such valuation reduction was available; it further held that the corporations' option to defer capital gains tax under section 2033, for real estate potentially subject to condemnation, did not bar a valuation discount for estate tax purposes. The Sixth Circuit thus ...

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Journal Of Accountancy - Accounting, Tax, Auditing News

Get Journal of Accountancy news alerts. Be the first to know when the JofA publishes breaking news about tax, financial reporting, auditing, or other topics. Select to receive all alerts or just ones for the topic(s) that interest you most.

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Get Revenue Recognition Right At Not-for-profits - Journal ...

How to Record Cash Discounts As Income on a Financial FREE Get Deal In accounting, a cash discount or sales discount is any discount you get from a supplier, typically for paying your bill promptly. A "2/10 net 30" discount, for instance, gives you 2 percent off if you pay in full within 10 days.

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Final Rules Clarify Retailers' Treatment Of Vendor ...

To clarify the interaction of proposed regulations under Prop. Regs. Sec. 1.471-3(e) with the treatment of sales-based vendor allowances (discounts from a vendor based on a retailer's sales volume) under the retail-inventory method, the proposed regulations excluded these allowances from the numerator of the cost complement.

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Journal Of Accountancy - Accounting, Tax, Auditing News

Get Journal of Accountancy news alerts. Be the first to know when the JofA publishes breaking news about tax, financial reporting, auditing, or other topics. Select to receive all alerts or just ones for the topic(s) that interest you most.

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Risk With Donor Pledges - Journal Of Accountancy

In the white paper Measurement of Fair Value for Certain Transactions of Not-For-Profit Entities, the AICPA's Financial Reporting Executive Committee (FinREC) provides guidance to not-for-profits on considering risk when determining the fair value of a donor's unconditional promise to give. Considerations may include: Assess the donor's ability to pay.

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New Rules For Accounting For Amortization Of Premiums For ...

FASB made targeted changes Thursday to the rules governing accounting for amortization of premiums for purchased callable debt securities. The changes are described in Accounting Standards Update No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.

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Valuation Discounts For Estate And Gift Taxes

Valuation Discounts for Estate and Gift Taxes ... DISCOUNT FOR LACK OF MARKETABILITY ... Values of interests in closely held entities may also be discounted for lack of marketability where they are subject to restrictions, and lack of control where they constitute minority ownership interests. Discounts for a lack of marketability are usually ...

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Valuation Discounts For Estate And Gift Taxes

These studies generally show a discount for lack of marketability ranging from 18% to 59%-higher than in restricted stock studies. Recent court decisions have made it clear that more important than the type of study used to quantify a discount is the analysis done by the appraiser to tie the study to the facts of the specific case.

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When Should Advertising Be Capitalized?

FASB Statement no. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects , says companies should expense the capitalized costs in the period revenue is recognized. The flowchart in exhibit 2, above, summarizes the accounting treatment of a€

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