The Financial Accounting Standards Board approved the issuance of an exposure draft for financial statements of not-for-profits. To review the most recent tentative decisions, visit the FASB Web site. The comment period is expected to end July 31, 2015.
The Financial Accounting Standards Board has deferred the effective date of the new revenue recognition standard—a paradigm shift in accounting for revenue from contracts with customers, from industry-based to a single principles-based guidance—for one year.
Construction companies with under $25 million in annual gross receipts may be able to defer income on contracts they would’ve recognized pre-tax reform.
The IRS issued proposed regulations clarifying a potentially significant tax break—aggregating your trades or businesses for a pass-through, or Section 199A, deduction.
The FTB announced it won’t appeal the decision in Swart Enterprises, Inc. v. Franchise Tax Board. Taxpayers should consider filing minimum tax refund claims, if their situations are similar.