Insights

Revenue Recognition

The new Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, fundamentally changes how companies across nearly every industry will recognize revenue. Learn more about how this affects you and your business as well as what’s required and the effective dates.

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Combining technical expertise with our keen understanding of our clients' businesses, we offer knowledgeable commentary on a broad spectrum of accounting, tax, finance, and business operations issues.

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Alert
Prompted by an amendment to Multistate Tax Compact’s apportionment models, Washington state has revised its rules for how financial institutions must apportion income for purposes of business and occupation (B&O) tax.

Alert
Following a revamp of its MyFTB tax filing system, California taxpayers need to reactivate their accounts. Start now to make sure you’re prepared for the April 15 deadline and protect your identity against hackers.

Alert
Recent legislation retroactively restored the federal tax credit for propane use, which expired December 31, 2014. It’s now extended through December 31, 2016. The credit is 50 cents per gallon or gasoline gallon equivalent and remains refundable.

Article
Deficiencies can bring the audit or compliance process to a standstill and create tension among management, the audit committee, and external stakeholders. Fortunately, many of the most common deficiencies—we’ve identified 10—can be avoided.

Webcast
(Run time: 69:00) Understanding the impacts of Section 603 of the Bipartisan Budget Act of 2015 on hospital off-campus outpatient departments.

Alert
The California Supreme Court ruled that companies may not elect to apportion in-state and out-of-state income using the Multistate Tax Compact’s three-factor, evenly weighted apportionment formula. Details in this Alert.

Article
Generational shifts and a competitive labor market are changing the way technology companies must approach their succession plans. We provide insight on some key strategies that will help make yours successful and sustainable.

Alert
The IRS extended some due dates for some filings required by the ACA. Employers must provide Forms 1095-B or 1095-C to employees by March 31 and all Forms 1095 to the IRS by February 29 (if paper) or June 30 (if electronic).

Alert
Seattle mayor Ed Murray signed Seattle City Ordinance Number 124910 on December 1, 2015, ending the Seattle square-footage business tax. Effective January 1, 2016, this change means the last tax due is for the period ending December 31, 2015.

Alert
New FASB guidance enhances the reporting model for financial instruments in hopes of making information more useful to financial statement users. FASB reporters should evaluate the potential impact and potential benefits of early adoption.

Alert
The 2015 tax extender law brought good news for companies with international operations, making the Subpart F active financing exception permanent and extending the look-through rule through year-end 2019. Details in this Alert.

Article
Some out-of-state sellers with substantial economic presence in Alabama will be required to collect and remit tax on sales into the state. The standard applies to transactions occurring on or after January 1, 2016.

Alert
The PATH Act makes many popular business tax breaks permanent while extending others through 2016 or 2019. We look at some of the provisions that may produce significant tax savings for businesses in 2015 and beyond.

Alert
The new tax extender law makes quite a few tax breaks permanent while enhancing others. This Alert details some of these changes, including education credits, transit benefits, mortgage-related deductions, and more.

Article
Donee organizations must provide written acknowledgment of contributions of more than $250 for their donors to claim the corresponding charitable donation deduction. Proposed regulations may formalize the process through a new filing.

Article
The 2014 revisions to Form 990 Schedule A contained a number of changes for tax-exempt entities, and Type I, II, and III supporting organizations will feel the greatest impact. We give an overview of the new classification tests.

Article
To meet minimum distribution requirements and avoid excise tax, private foundations must grant funds to public charities with an IRS determination letter—but what if the recipient is international? New regulations help streamline the determination.

Article
The IRS’s Tax Exempt & Government Entities division has released its priority guidance work plan to review its activities in 2015 and communicate its areas of focus for the year ahead. We give an overview of its key areas.

Article
Ensuring you’ve provided donors with the proper documentation for IRS tax deduction purposes can help make sure they get the tax benefit of their donation. We review what charitable organizations need to provide in this Insight.

Alert
The Protecting Americans from Tax Hikes Act of 2015 extends two key employment tax credits: the Work Opportunity Tax Credit (WOTC) and the empowerment zone tax credit. Details on the extensions in this Alert.

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