Public Companies
The Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets on September 6. Here’s what companies that hold these assets should know about the cryptocurrency assets standard. Need for change The updated guidance is the first explicit accounting standard on crypto assets in U.S. Generally Accepted Accounting Principles (GAAP).…
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Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy spent reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates effective October 1, 2023. Taxpayers…
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The Social Security Administration recently announced that the Social Security wage base for computing tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic details The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed…
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On August 30, 2023, the Financial Accounting Standards Board (FASB) unanimously voted to finalize its proposed improvements to the income tax disclosure rules. Here’s what’s changing and when those changes are effective. Rate reconciliation Under the updated guidance, companies will be required to provide a breakout of amounts paid for taxes between federal, state, and foreign…
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If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general…
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Organizations with calendar year ends should prepare for audit fieldwork. A little prep work this fall can help facilitate the process, minimize adjustments and surprises, and add more value to the audit process. Here are four ways to gear up for your audit. 1. Disclose operational changes Internal and external changes may bring opportunities and…
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