Hot Topics Article Archives - Page 47
It'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 ...
Read MoreInflation Adjustments and Tax Tables Issued for 2019
The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts (Rev. Proc. 2018-57). These adjusted amounts will be used to prepare tax year 2019 returns in 2020. Many amounts are increasing for inflation in 2019. The standard deduction will increase to $24,400 for married individuals filing joint returns or surviving spouses, $18,350 for heads of ...
Read More