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Credit loss standard: The new CECL model


A new accounting standard on credit losses goes into effect in 2020 for public companies and 2021 for private ones.

The ABCs of the Tax Deduction for Educator Expenses


At back-to-school time, much of the focus is on the students returning to the classroom where they will use the

Reap Benefits of a Small Business Retirement Plan


Reap the tax benefits of a qualified small business retirement plan Establishing an employer-sponsored retirement plan is an

Are Income Taxes Taking a Bite Out of Your Trusts?


If your estate plan includes one or more trusts, review them in light of income taxes. For trusts, the income

Cutoffs for Reporting Revenues and Expenses


Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules on when to recognize revenues and expenses. Here's important

THE SEC. 461 ALL-EVENTS TEST: TIMING FOR DEDUCTING ACCRUED WARRANTY CLAIMS


The Sec. 461 All-Events Test: Timing for Deducting Accrued Warranty Claims

The Tax-Advantaged Way to Fund Education


Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs With school letting out you might be

A refresher on the ACA's tax penalty on individuals without health insurance


Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being,

Pay Attention to the Details when Selling Investments


The tax consequences of the sale of an investment, as well as your net return, can be affected by a...

Will Congress revive expired tax breaks? Will Congress revive expired tax breaks?


Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that

How external auditors can leverage your How external auditors can leverage your internal audit work


Does your company have an internal audit function? If so, you may be able to use...

Put your income statement to good use


By midyear, most businesses that follow U.S. Generally Accepted Accounting Principles (GAAP) have issued their year-end financial statements. But how

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