GASB Publishes Implementation Guidance on Lease Accounting Posted: August 16, 2019 The Governmental Accounting Standards Board has issued an Implementation Guide that contains questions and answers about the GASB’s new standards on accounting and financial reporting for leases.
FASB Seeks to Delay Effective Dates for Three Standards Posted: August 16, 2019 The Financial Accounting Standards Board has issued a proposed ASU that would grant private companies, not-for-profit organizations and certain small public companies additional time to implement FASB standards on current expected credit losses, leases and hedging. Comments are due by Sept. 16, 2019.
Student Video Competition: Why Are You Becoming a CPA? Posted: August 16, 2019 Enter the ThisWayToCPA Student Video Competition and explain why you want to become a CPA for a chance to win $500.
IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers Posted: August 14, 2019 The IRS is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver.
Public Accounting Firm Hiring Model Shifts Posted: August 13, 2019 As CPA firms shift their hiring models to focus more on technology skills, non-accounting graduates now comprise 31 percent of all new graduate hires in public accounting. That’s an increase of 11 percentage points from 2016 to 2018.
Coalition Launched to Protect Professional Licensing Posted: August 13, 2019 The AICPA and the National Association of State Boards of Accountancy helped found a new coalition of advanced professions with the goal of educating policymakers and the public on the importance of professional licensing standards.
New Research Reveals True Weight of Student Debt Posted: August 12, 2019 Some student loan borrowers spend more on their loan payments than on necessities such as fuel, according to a report by JPMorgan Chase Institute.
Amended Law Eases Taxation on Certain Shore Rentals Posted: August 12, 2019 Gov. Phil Murphy signed legislation amending the transient accommodations law enacted last summer. The action narrows the scope of rentals that are subject to taxation.
Wage Theft Bill Signed Into Law Posted: August 6, 2019 New Jersey businesses now face criminal penalties for failing to pay the wages owed to their employees thanks to legislation signed into law today by Acting Governor Shelia Oliver. However, the law would subject employers to criminal penalties for what are honest mistakes attributable to the legal complexities of New Jersey’s wage and hour law.
IRS Launches New Tax Withholding Estimator Posted: August 6, 2019 The IRS has launched a new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year.