NSAC Happenings and Latest News - Page 105
Cost Segregation in a Post-repair Regs World
For many years, corporate accounting professionals have been taking advantage of cost segregation studies to provide significant tax benefits for their businesses by accelerating the depreciation on qualified fixed assets. By depreciating the personal property costs of such assets over five or seven years (and land improvements over 15 years instead of the typical 39-year recovery period for general building property), the additional deductions ...
Read MoreFASB Drops Step 2 From Goodwill Impairment Test
FASB eliminated Step 2 from the goodwill impairment test in an effort to simplify accounting in a new standard issued. Under the amendments issued, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but the loss ...
Read MoreRevenue Recognition Path Forward
This compilation of recent articles from the editors of Bloomberg BNA’s Accounting Policy & Practice Report provides valuable insights into the new FASB and IASB standards on recognizing revenue. https://assets.sourcemedia.com/b2/2c/0ac536a4402ab313d4856c4b867f/rev-rec-special-report-nov-2016.pdf (Source: AccountingToday - Tax Practice - January 31, 2017)
Read MoreNew Form I-9 for all U.S. Employers
As of 1/22/2017, employers are required to use the new version of Form I-9 to verify identity and employment eligibility of employees. See the new form (11/14/2016 N version) at https://www.uscis.gov/i-9. Form I-9 found at other sites may not be the correct version. All prior versions are obsolete. Form I-9 is required for all new employees (hired after Nov. 6, 1986) or for the reverification of expiring employment authorization of ...
Read MoreDisaster Recovery
Too many companies aren’t prepared to handle a disaster or business continuity event. Rather than putting it off indefinitely, companies need to make an effort to get a disaster recovery plan in place. The list below offers a series of steps that can be taken to reinforce the ability to bounce back from anything that may become a disaster – whether it’s a broken water pipe or a full-blown natural disaster. 1. Protect ...
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