NSAC Happenings and Latest News - Page 81
Companies Foresee Major Impact from Lease Accounting Standard
More than three-quarters of the top 100 U.S. companies with the biggest lease obligations expect to see a material impact on their balance sheet from the new lease accounting standard, according to a new report. The report, from the technology company LeaseAccelerator, analyzed a recent set of Securities and Exchange Commission filings related to the adoption of the leasing standard, also known as ASC 842, which takes effect for ...
Read MoreUnderstanding the New Sec. 199A Business Income Deduction
Understanding the New Sec. 199A Business Income Deduction Sec. 199A allows taxpayers other than corporations a deduction of 20% of qualified business income earned in a qualified trade or business, subject to certain limitations. The deduction is limited to the greater of (1) 50% of the W-2 wages with respect to the trade or business, or (2) the sum of 25% of the W-2 wages, plus 2.5% of the unadjusted basis immediately after ...
Read MoreA New World: The View from Noel Tagoe
Given the technology landscape, the focus of finance professionals needs to shift from data collection and processing to the use of data. Digital technology has ushered us into a new business era. Huge volumes of data are being generated at record speed. Business is well placed to exploit this brave new world because it is supported by the right infrastructure for storing data cheaply, and for accessing, processing, and analyzing data at ...
Read MoreBest Practices: Top 10 Warning Signs of Workers Comp Fraud
Nearly 3,600 accounting, bookkeeping, tax preparation and payroll services firm employees reported a non-fatal occupational injury or illness in 2016, according to the U.S. Bureau of Labor Statistics. While most workplace injuries and illnesses are legitimate, occasionally employees try to manipulate the system by filing a false or exaggerated workers’ compensation insurance claim. Workers’ compensation insurance fraud is ...
Read MoreWhen Is an Entertainment an Expense?
The tax rules related to meals and entertainment have changed, and left some uncertainty in the gap between the old law and the new. Before the Tax Cuts and Jobs Act, the deduction allowed for entertainment expenses was limited to 50 percent of the amount otherwise deductible. Under the TCJA, the deduction for entertainment is completely repealed. Prior to the act, a 50 percent deduction was allowed for expenses related to business meals ...
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