Financial Statement Presentations: What you should know

Financial Statement Presentations: What you should know

Keys Proposed New Income Statement Structure: With no set structure for the income statement under current IFRS Standards, companies use different formats to present their results, making it difficult for investors to compare financial performance across companies. Under the proposals, companies would be required to present three new subtotals in their income statement, effectively allocating their income…

Accounting for PPP Loans: What you Should Know

Accounting for PPP Loans: What you Should Know

Keys Accounting and Reporting Considerations Currently, there is no specific guidance in the U.S. GAAP that addresses the accounting by an entity that obtains a forgivable loan from a government entity. However, due to overwhelming demand for some form of guidance for accounting for PPP loans, the American Institute of Certified Public Accountants, in consultation…

Vacation home rentals and the Tax Cuts and Jobs Act

Vacation home rentals and the Tax Cuts and Jobs Act

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, may have unforeseen indirect consequences for taxpayers with dwellings used for both short-term rental and personal purposes, often referred to as mixed-use vacation homes. The TCJA’s increase in the standard deduction and limitations on itemized deductions for state and local taxes (SALT) and home mortgage interest may affect the vacation home rental expense allocation under Sec. 280A(c)(5)(B) between personal and rental use, particularly for a dwelling that is unused for significant periods.

Phone scams and phishing featured in 2018’s Dirty Dozen tax scams

Phone scams and phishing featured in 2018’s Dirty Dozen tax scams

The IRS released its updated 2018 list of the top 12, or “Dirty Dozen,” tax scams on Tuesday. Like last year’s list, the biggest story this tax season was phishing attempts, with all types of taxpayers, businesses, and tax preparers being targeted. Another one of the Dirty Dozen that has been in the news frequently…