NSAC Happenings and Latest News - Page 66
How Safe Are Password Managers?
A password manager stores all your passwords and automatically fills them in your web browser and mobile apps. But is trusting an app with your passwords and storing them all in one place a smart idea? Yes, yes, it is. We recommend everyone use a password manager, which is far superior to other ways of keeping track of your passwords. Here’s why they’re a safe choice. Password Managers Are Safer Than the AlternativeA password ...
Read MoreLease Accounting: Keep Pushing Ahead
In February 2016, FASB issued new lease accounting requirements in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Under its core principle, a lessee recognizes a right-of-use (ROU) asset and a lease liability on its balance sheet for most leases, including operating leases. This is expected to have a significant impact on most entities' balance sheets, considering how prevalent and routine leasing is to most businesses. FASB ...
Read More3 Reasons CPAs Should Care About Blockchain
People’s perspectives on blockchain usually fall into two categories: You believe the technology will change everything, or you believe it’s a passing fad. The reality is probably somewhere in the middle. At the recent 2nd Annual Blockchain Symposium in New York City, I highlighted three reasons CPAs should care about blockchain: 1. Adoption is comingYou may have heard about the Walmart mandate that will require its leafy green ...
Read MoreIRS Increases Tax Deductions for 2020
The Internal Revenue Service issued its annual inflation adjustments for dozens of tax items and tax schedules Wednesday, saying the standard deduction for married taxpayers who file joint tax returns will increase $400 to $24,800 in tax year 2020, while for single taxpayers and married individuals who file separately, the standard deduction will go up $200 to $12,400. For heads of households, the standard deduction will be $18,650 for tax year ...
Read MoreLike-kind Exchanges and Personal Property
With the enactment of the legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, like-kind exchanges are now limited to real property held for use in a trade or business or for investment. Prior to the TCJA, taxpayers could defer the gain generated by like-kind exchanges of both real property and personal property. Most common like-kind exchanges of personal property included those of aircraft, boats, automobiles, trucks, and ...
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