NSAC Happenings and Latest News - Page 85
FASB Proposes Corporate Reporting Change Related to New Tax Law
One challenging effect of new P.L. 115-97, called the Tax Cuts and Jobs Act, on company financial statements would be eliminated under a proposal FASB issued recently. The proposed Accounting Standards Update (ASU) is intended to help organizations reclassify certain so-called stranded income effects in accumulated other comprehensive income resulting from the new tax law, which was enacted in ...
Read MoreFASB Task Force Tackles Cloud Computing Costs
The Financial Accounting Standards Board’s Emerging Issues Task Force plans to propose new rules for how to deal with cloud computing service costs. At a meeting last week, the EITF discussed how to account for implementation, setup, and other upfront costs incurred in cloud computing arrangements that are service contracts. They decided to propose an accounting standards update that will be issued in the next few weeks about the ...
Read MoreBeware W2 Phishing Again This Year
Tax authorities warn employers again this year about a W-2 phishing scam that victimized organizations — and thousands of employees — last year. During the last two tax seasons, cyber-crooks conned payroll personnel or those with access to payroll information into disclosing sensitive information for entire workforces from small and large businesses to public schools and universities, hospitals, tribal governments and ...
Read MoreTop Five Ways Tax Reform Impacts Dairy Industry
We have just witnessed the most sweeping change in tax law since 1986. It is too early to make dramatic changes to your farm operation in response to the new tax code, but dairy producers should understand several changes that could affect their operations. 1. Section 199A Under the new tax law, if a dairy farm sells all of its product to a non-cooperative, the farm will qualify for a tentative deduction equal to 20 percent of net ...
Read MoreIRS Announces 2018 Pension Contribution Limits Under Tax Reform Act
The IRS announced that the 2018 dollar limitations on retirement plan contributions, outlined in IR-2017-177 and Notice 2017-64, were unchanged by P.L. 115-97, known as the Tax Cuts and Jobs Act (IR-2018-19). Although the new law made changes to the method of calculating cost-of-living increases, after applying the new methods, the contribution limits are unchanged from the ones announced in 2017. Therefore, the limit on ...
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