Archive for June 2015
Seven Common Questions about the Tax Implications of the New Revenue Recognition Standard
By Thomas Scott, senior manager In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09 Revenue from Contracts with Customers, which replaces a host of existing rules-based, industry-specific guidance with a single, principles-based standard. To help you get prepared for the new standard, we answered seven common questions you may be…
Read MoreThings to Consider When Buying Government Contractor Accounting Software
From basic, off-the-shelf programs to the most sophisticated and customized platforms, many different accounting programs designed for government contractors are available in today’s software market. Selecting the appropriate accounting software is essential for the success of government contractor startups. The right software will help a company efficiently run its business and ensure compliance with regulations.…
Read MoreShould You Use Cash Basis or Accrual Accounting for Tax Purposes?
The most popular method of accounting is cash basis, primarily because of its simplicity. Reporting on the cash basis allows the business to report income as cash received and expenses as they are paid. Under the accrual method, income is reported in the year it is earned and expenses are either deducted or capitalized in the…
Read MoreUsing Restaurant Servers’ Tips to Offset Credit Card Processing Fees
Processing fees that are incurred by restaurant owners when a customer dines in and pays by credit card can get expensive and eat at a restaurant’s bottom line. The processing fees are based on what the customer pays on both the food and beverage bills, as well any gratuity that is left for the server.…
Read MoreUPDATE: GSA Initiatives Focus on Price Variability on Multiple Award Schedule Contracts
This is an update regarding the Competitive Pricing Initiative, under which the GSA is contacting vendors to address pricing differences among identical or similar products and/or services. Here is a sample “Addressing Pricing Variability under the Federal Supply Schedules Program” letter that GSA is currently sending to selected GSA contract holders. The notices also contain a spreadsheet…
Read MoreLexy Kessler Talks to Federal News Radio About Government Contracting Landscape
The federal government spent 22% more on local government contractors over the past two years despite a tough budget climate and sequestration. Lexy Kessler, Aprio’s Lead Government Contracting Partner, recently spoke with Federal News Radio’s Francis Rose on his program “In Depth” to discuss the “New Govconomy” and how contractors can grow in this new…
Read MoreNew Procedures Announced for Unfiled FBARs
The IRS has provided new filing procedures for certain taxpayers with delinquent FBARs, allowing them to avoid penalties without participating in the various voluntary compliance programs. The FBAR is the Foreign Bank and Financial Accounts form used to disclose the existence of all foreign bank, brokerage, and certain other asset accounts, as well as the…
Read MoreState & Local Tax (SALT) Newsletter June 2015
https://www.aprio.com/media/newsletters/SALTnews-6-15.html
Read MoreIRS Issues Guidance on Foreign Bank Account Report / FBAR Penalties
U.S. persons are required to file the FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature authority over foreign accounts. There is a $10,000 civil penalty for the non-willful failure to the file the FBAR. The penalty for the willful failure to file the FBAR…
Read MoreMarket-Based Sourcing: Not Just a Trend
The shift to market-based sourcing is more than just a trend in state income tax. More than 20 states have adopted this method for the sourcing of services, with a handful of others poised to follow suit. Recently, both Missouri and Tennessee adopted market-based sourcing. Further, most states with major economic hubs are now sourcing…
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