EDITORS’ PICKComplimentary access to top ideas and insights — curated by our editors. Every year brings changes in the patterns of which tax returns need to be filed, but those changes were exaggerated in the first years of the pandemic. From 2020 to 2021, seven different tax return types varied
Slowly but surely, more private businesses are adopting the new lease accounting standard as they face demands to put their operating leases on their balance sheets for the first time. The Financial Accounting Standards Board’s ASC 842 standard took effect for private companies last year after the original effective date
The Internal Revenue Service updated its frequently asked questions Wednesday about Form 1099-K, the information return used for reporting transactions involving payment cards and third-party networks, after the IRS recently delayed a requirement to lower the reporting threshold from $20,000 to $600. Last December, the IRS postponed the lowered threshold
The International Accounting Standards Board is proposing to modify its financial instruments standard to deal with assets with environmental, social and governance features, as well as electronic payment systems. The IASB released an exposure draft Tuesday proposing to amend the classification and measurement requirements under International Financial Reporting Standards for
The QuickBooks unable to backup company file error emerges when users try to back up or copy the company file and attempt to open it. Facing this issue can be troublesome and worry-inducing. Users need adequate troubleshooting solutions to fix this problem, so they don’t lose any data. We have
The Organization for Economic Cooperation and Development is making plans for easing multinational companies and government tax authorities into its plans for a global minimum tax. Last Thursday, the OECD held a public consultation meeting on compliance and the tax certainty aspects of the global minimum tax. The OECD unveiled
Registrations are now open for the 2023 Accounting MOVE Project, with a 2023 focus on career sustainability. The Accounting MOVE Project is an annual survey of accounting and financial firms that gathers data and guidance on the state of women in the profession, from which it creates annual lists of
The Internal Revenue Service has posted frequently asked questions that address whether certain costs related to nutrition, wellness and general health are medical expenses that may be paid or reimbursed under a health savings account, flexible spending arrangement, Archer medical savings account or health reimbursement arrangement. Generally, deductions are allowed for expenses
Sometimes a problem is so big that you can only really grapple with it by breaking it down into smaller pieces, and that’s certainly the case when it comes to the single biggest issue facing the accounting profession: staffing. In a recent survey of leading firms conducted by Accounting Today,
All services except “Send Submissions” will be unavailable for the Internal Revenue Service’s Modernized e-File production and testing systems on Sunday, March 19, from 12:01 a.m. until 10 a.m. Eastern. More information is on the MeF Operational Status page, including any future updates. The system conducts a routine system maintenance build
