NSAC Happenings and Latest News - Page 83
FASB Expands Private Company Consolidation Relief
FASB addressed an area of accounting that has long been a concern for private companies with the issuance of a standard designed to improve consolidation accounting for private companies. The standard-setting board also amended for all entities the guidance for determining whether a decision-making fee is a variable interest. The changes were published in Accounting Standards Update No. 2018-17, Consolidation (Topic 810):
Read MoreIt's Crunch Time for Private Companies on Revenue Recognition
It’s understandable that FASB’s new revenue recognition standard might not be top-of-mind for private company finance personnel despite the impending effective date. The standard takes effect for private companies for annual reporting periods beginning after Dec. 15, 2018, and interim periods within fiscal years beginning after Dec. 15, 2019. So effectively, private companies must adopt by the 2019 year end. That ...
Read MoreAuditors See Challenges in New Leasing Standard
The new lease accounting standard that takes effect for public companies next year poses obstacles for the audit firms that have begun implementing it for their clients. The leases standard, which was jointly developed by the Financial Accounting Standards Board and the International Accounting Standards Board but has some differences under U.S. GAAP and International Financial Reporting Standards, will put operating leases on the balance ...
Read MoreSocial Security Wage Base Set for 2019
The Social Security Administration (SSA) announced that the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax will increase to $132,900 for 2019. The OASDI tax rate is 6.2%, so an employee with wages up to or above the maximum in 2019 would pay $8,239.80 in tax and the employer would pay an equal amount. Self-employed individuals pay tax at a 12.4% rate up to the limit. The 2018 wage base ...
Read MoreWhat You Should Know About The 2018 W-2, 1099 & 1095 Filing Season
Businesses are gearing up for a busy W-2, 1099 & 1095 filing season in the months ahead, navigating through an accelerated reporting season and getting re-acquainted with specific state and federal requirements. Deadlines & Timing For 2019, the PATH (Protecting Americans from Tax Hikes) Act requires businesses to file W-2, 1099 and 1095 forms before the January 31 deadline. In previous years, the IRS has provided leniency to ...
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