BLog-News-updates
Accounting News
ASC 606 Revenue Recognition: Am I an agent or a principal and why does it matter?
The new revenue guidance ASC 606 that was first introduced by Accounting Standards Update (ASU) 2014-09 are in effect for the 2019 calendar year for private companies. A question often asked by clients is whether certain transactions should be recorded as Gross vs....
IRS OFFERS SETTLEMENT FOR TAXPAYERS ENGAGED IN MICRO-CAPTIVE INSURANCE TRANSACTIONS
The IRS has announced that it is mailing a time-limited settlement offer to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Background. Broadly speaking, a micro-captive transaction is a transaction in which a taxpayer...
PROPOSED RELIANCE REGS ISSUED ON INCOME INCLUSION FOR ACCRUAL-METHOD TAXPAYERS
Taxable Year of Income Inclusion under an Accrual Method of Accounting IRS has issued proposed reliance regs under Code Sec. 451(b) on when accrual-method taxpayers with an applicable financial statement (AFS) must include items in income under the all events test....
PROPOSED RELIANCE REGS ADDRESS RECEIPT OF ADVANCE PAYMENTS
Advance Payments for Goods, Services, and Other Items IRS has issued proposed reliance regs regarding the timing of income inclusion under Code Sec. 451 of advance payments for goods, services, and certain other items. The proposed regs reflect changes made by the Tax...
SAPWG Exposures from NAIC 2019 Summer Meeting with Larson Commentary
Printable version can be found here.
SAPWG 2019 Adoptions from NAIC Summer Meeting with Larson Commentary
Printable version can be found here.
FASB Exposure Draft Proposes Delay for the Effective Dates for ASU 2018-12
Financial Services – Insurance (Topic 944): Targeted Improvements to Accounting for Long-Duration Contracts On August 21, 2019, the Financial Accounting Standards Board (“FASB”) released an exposure draft to delay the effective dates for Accounting Standard Update...
Eligible taxpayers get automatic 2018 individual taxpayer estimated tax penalty relief
In an Information Release, IRS has announced that the relief that it announced earlier this year, with respect to the individual taxpayer estimated tax penalty for 2018, will be automatically applied to taxpayers who filed their 2018 returns but did not claim the...