News and Events

Accountants are often asked the difference between tax preparers, such as H&R Block, Jackson Hewitt, and Liberty Tax Services, and Certified Public Accountants (CPAs) during tax time in the US. These roles are often seen as similar when it comes to tax preparation, and so it’s useful to know the difference between the two. As the 2019 annual tax season begins, here is what you need to know about H&R Block-like services versus a CPA.
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Once all of the steps are completed in the framework of the FASB Accounting Standard concerning the Revenue from Contracts with Customers, then businesses can completely recognize the revenue. This final step recognizes revenue when or as the performance obligations are completed.

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Previously, we addressed Steps 1, 2, and 3 of the Accounting Standard Update (ASU) No. 2014-19, Revenue from Contracts with customers. This post moves on to Step 4, allocating the transaction price to the performance obligations in the contract. This, and one final, step addresses when and how much revenue should be recognized from business contractual obligations.

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Revenue from Contracts with Customers, ASU 2014-09, provides framework for businesses to gather revenue and know when and how to report revenue. We have a series of posts concerning the framework laid out in the accounting update; previous posts can be found on the introduction, Step One, and Step Two of this update. We continue now with Step Three: Determining the Transaction Price. This step contains provisions which vary from current accounting principles in the U.S. thus alterations in accepted accounting practices may be necessary.
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One of the most frustrating things that business owners have had to deal with regarding the Tax Cuts and Jobs Act (TCJA) is the uncertainty that has been surrounding the new tax law revisions and how they would affect taxpayers. If you have visited with your accountant or CPA firm over the past 12 months, it’s likely that you received a confident estimate of what your 2019 tax liabilities would be as your tax planning professional awaited the IRS to release a definitive set of guidelines. In mid-January of 2019, the Treasury Department, along with the IRS issued the final 2019 IRS guidelines and regulations, as well as, additional guidance on the new qualified business income (QBI) deductions.
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Now that the holidays are over and 2019 has started, have you thought about preparing for tax season? Probably, not.  We have some steps to help you gather documents needed to ensure that you do not miss any tax benefits and make the entire experience of processing your tax return easier.
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With the recent government shutdown and the opening of the 2019 tax season coming soon, did you wonder how that would affect the filing of your 2018 taxes? Maybe, or maybe not. Since no one knows for sure when the government will re-open, here’s what you need to know.
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Requirements within state sales tax regulations have changed. The Supreme Court reversed the law (Quill v. North Dakota) requiring retailers to have a physical presence within a state before the state can collect sales tax from businesses. South Dakota v. Wayfair overturned Quill v. North Dakota and opened the door for states to now collect and remit sales tax when business is conducted within their state without a physical presence.
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Previously, we introduced the new Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts from Customers. Although this standard is specific and all-encompassing, framework is provided for assistance. Step One begins by assisting companies with identifying contracts with customers.  In Step Two, we dive into identifying performance obligations within the contracts.
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In our first edition of this series we introduced the new Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This standard is specific and all-encompassing and the FASB (Financial Accounting Standards Board) provides  framework for applying core principles of the standard to recognize the value of revenue from contracts and when it is to be recognized. Step One begins with the business identifying contracts it has with its customers.
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