Hot Topics Article Archives - Page 7
Standard Mileage Rates to Go Up in 2022
After decreasing two years in a row, the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate. Notice 2022-03, in which the IRS announced the update; also provides the standard mileage rate for use of an automobile for purposes of obtaining medical care under Sec. 213, which will be ...
Read MoreFASB ASU Addresses Supplier FInance Programs
FASB issued a proposed Accounting Standards Update (ASU) that is intended to help investors and other financial statement users better consider the effect of supplier finance programs on a buyer's working capital, liquidity, and cash flows. The proposed ASU, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, would affect buyers that use supplier finance programs in connection ...
Read MoreCountdown Starts to Private Company Lease Accounting Overhaul
After a failed attempt to secure another deadline extension, 2022 is—for real—the year private companies have to tally up all the real estate, equipment, and vehicles they rent and report them on their balance sheets for the first time ever. By all accounts, figuring out how to comply with the Financial Accounting Standards Board’s new lease accounting standard will be a major undertaking. Luckily, private companies ...
Read MoreHow to Hire Remote Employees
Finding talent has always been a challenge for the accounting profession. It’s not getting any easier, and a lot of firms are really struggling right now. But one way firms are increasing their talent pool is by hiring remote employees. Since the start of the COVID-19 pandemic, more firms are jumping on the remote work bandwagon. Firm leaders have come to realize that good accountants don’t have to be sitting in the same office, but ...
Read MoreAutomation Won’t Replace CPAs. It Will Enhance Them
Artificial intelligence is going to change accounting, but not in the ways that you think. By now, AI is being utilized in almost every industry. While in some sectors automation could lead to a reduction in the number of jobs, for accountants, its impact is beneficial. If you’re a practicing CPA, rest easy; technology isn’t coming here to take your job, it’s here to make your job better. Like the previous adoption of ...
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