With the influx of new technologies, we know that the role of each accountant professional is changing. But with terms like “blockchain” and “cryptocurrency” being little more than buzz words to a lot of us, Jack Castonguay, our Director of Accounting and License Preparatory content, has answered some of our most frequently asked questions. Get […]
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Guidance for Accountants on Cryptocurrency and Digital Assets
It’s no secret that the United States is in the midst of a digital transformation – that’s easy to see with the growing popularity of cryptocurrencies and digital assets, as evidenced by the huge growth in 2019 that’s expected to surge again in 2020. Much of the criticism surrounding cryptocurrencies relates to its value being […]
Top 6 Trends in Accounting and Auditing for 2020
Believe it or not, we’re already heading into a new decade. Huge leaps have been made in the accounting industry in the previous decade, including a much greater focus on information technology which we’re seeing reflected in both the education and hiring processes. It comes as no surprise that this focus will continue in the […]
Will artificial intelligence take over accounting?
Artificial Intelligence (AI) is often used in science fiction to describe robots that take over the world, but lately the term has worked its way into workplaces around the world. As technological innovations become more sophisticated, AI is able to take on specific tasks in industries like customer service and manufacturing that previously could only […]
IRS Offers Safe Harbor to Claim Rental Real Estate as QBI Deduction
The IRS issued Revenue Procedure 2019-38 on September 24th, 2019, finalizing a safe harbor under Section 199A for rental real estate owners to claim a qualified business income deduction of up to 20%. Defining “Rental Real Estate Enterprise” For the real estate business to qualify for the safe harbor, it must meet the definition of […]
IRS Finalizes New Bonus Depreciation Regulations
The IRS finalized a new law for depreciation under the Tax Cuts and Jobs Act (TCJA), allowing businesses to immediately expense more qualified property. The final regulations put into effect the August 2018 proposed regulations but include some modifications. The final regulations include expensing of section 179 property, an increase in bonus depreciation from 50% […]
New FASB accounting standards update to debt classification in classified balance sheet
After receiving comments from various stakeholders following an initial proposal in 2017, on Sept. 13, the FASB rereleased proposed Accounting Standards Update, Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent). The standard applies to all for-profit and not-for-profit companies that have outstanding debt and prepare a classified […]
SOC for Cybersecurity: A guide to managing risk for CPAs
One of the biggest concerns for organizations in today’s business environment is cybersecurity. Cybersecurity in its most basic form is the protection of electronic data from unauthorized or criminal access and use. As businesses capture more and more data, both internally in relation to the operations of the company and externally in relation to the […]
FASB releases ASU 2018-01 on land easements
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, that clarifies the application of the new leases guidance to land easements. Lease amendments (ASU 2016-02 and 2018-01) are effective for public entities with annual periods beginning after December 15, […]