The world of accounting is never boring, and 2021 is already proving this to be true. Here are several updates and deadline extensions for individuals and businesses to consider. IRS extends April 15 deadline to May 17 The IRS has extended the April 15 deadline to Monday, May 17. This extension does not apply to estimated tax payments for businesses or individuals, corporate income tax payments and return filings, and trust income tax … [Read more...]
PPP Loan Application Period Extended to August 8, 2020
After a surprise move by the Senate last week to extend the application deadline for the Paycheck Protection Program (PPP) by five weeks, the House approved the measure and President Trump has signed the bill. … [Read more...]
4 Ways to Prepare Your Business for a Better Tomorrow
By Brian T. Peterson, CPA, MBT, PWB Managing Partner To say we’re living in turbulent times feels trite. Over the past few weeks, COVID-19 has upended the ways in which we live, work, shop, and play. It’s been a monumental change, and it hasn’t been easy. But the good news is, it’s temporary. Although no one can say exactly how and when, eventually things will shift back towards normalcy. In the meantime, as long as you and your family are … [Read more...]
New Revenue Recognition Rules: How to Prepare for the Changes Ahead
Your Revenue Recognition Forecast: Change Is Coming In 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09—Revenue from Contracts with Customers (ASU 2014-09). Effective for calendar year 2019, the new standard will completely replace many previous revenue recognition standards. Coupled with changes brought about by the Tax Cuts and Jobs Act (TCJA), the new revenue recognition rules could … [Read more...]
IRS: We Disagree with Court Decision Involving Customer Loyalty Discounts
The IRS recently announced its "nonacquiesence" with a federal appeals court decision that held a retailer that issued loyalty discounts to its customer was entitled to deduct its liabilities attributable to discounts, which were accrued but hadn't yet been redeemed. (IRS Action on Decision 2016-03) … [Read more...]
