NSAC Happenings and Latest News - Page 77
IRS Points to New Limits on Like-kind Exchanges
The Internal Revenue Service is reminding taxpayers Monday about a change under the new tax law that limits like-kind exchanges to exchanges of real estate and similar property. Under last December’s tax overhaul, starting Jan. 1, 2018, any exchanges of personal or intangible property such as machinery, equipment, vehicles, artwork, collectibles, patents and other intellectual property generally won’t qualify for nonrecognition of ...
Read More4 Steps to Prepare for the Future of Accounting
Time is running out to start getting ready for the technology-transformed, new-world accounting profession that is evolving at an increasing pace. What changes are coming? What steps should be taken to prepare? What should I be doing now? Is it too late? As with all major evolutions, the change within accounting will not happen all at once, so it's not too late. However, the pace of change will continue to accelerate so you need to get moving ...
Read MoreAICPA Drafts Guidance on Inventory Valuation
The American Institute of CPAs' Financial Reporting Executive Committee has posted an early working draft of guidance on inventory valuation guidance, with a goal of eventually publishing a broader Business Combinations Accounting and Valuation Guide. The goal of the guidance is to describe the various considerations for estimating the fair value of inventory, in keeping with a requirement from the Financial Accounting Standards Board that ...
Read MoreIRS Proposes Rules for Business Interest Expense Deduction Limit
The Internal Revenue Service proposed regulations for a provision of the Tax Cuts and Jobs Act that limits the business interest expense deduction for some kinds of taxpayers. Certain small businesses whose gross receipts are $25 million or less, along with certain trades or businesses, aren't subject to the limits under this part of the new tax law. For tax years starting after Dec. 31, 2017, the deduction for business ...
Read MoreIRS Raises Mileage Rates for 2019
The IRS will raise most 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. On Jan. 1, the rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents/mile driven for business use, up 3.5 cents from 2018; 20 cents/mile driven for medical or moving purposes, up two cents from 2018; and, 14 cents/mile driven in ...
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