Revenue Recognition for Franchisors
In 2014, the FASB issued new revenue recognition guidance that replaces most pre-existing revenue recognition guidance, including industry-specific guidance, in U.S. GAAP.
Read this Insight...Fed Raises Its Policy Rate by 75 Basis Points as It Prepares to Slow Pace of Hikes
The Federal Reserve increased its policy rate by 75 basis points on Wednesday to a range between 3.75% and 4% as it hinted at slowing the pace of its hikes.
Read this Insight...What Is an S-Corp Election?
Business owners often struggle with determining the optimal legal structure and tax treatment for their business. This video will explain an S-Corp tax election and how it may benefit you and your business.
Read this Insight...IRS Grants Failure to File Penalty Relief for 2019 and 2020 Returns
Executive Summary The IRS released Notice 2022-36 providing relief for certain taxpayers from certain failure to…
Read this Insight...The Price of War: Risks Around the Inflation Outlook
While we expect the annual inflation rate to peak this quarter as comparisons to the lower…
Read this Insight...DOL Withdraws Independent Contractor Rule
The Department of Labor recently withdrew the “Independent Contractor Status Under the Fair Labor Standards Act” ...
Read this insight IRS Relaxes FSA and DCAP Rules
The IRS is providing some leeway to employee benefit plans offering health flexible spending accounts (FSAs) ...
Read this insight How Nonprofits Should Handle Tax Form 990
Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to ...
Read this insight Hidden Tax Break: Meal Deductions Get a Boost
The Consolidated Appropriations Act, 2021 contained a provision designed to give a boost to the restaurant ...
Read this insight COVID-19 Resource Guide: Everything You Need in One Place
Office Updates While BPW is categorized as an essential business due to the importance of tax ...
Read this insight BPW Moves Forward with April 15 Deadline
The IRS and California Franchise Tax Board recently announced that the income tax filing deadline for ...
Read this insight New Stimulus Package: What You Need to Know
The third stimulus package valued at $1.9 trillion made its debut last week after President Biden ...
Read this insight Erroneous Notices from the IRS and States
Many clients have received CP59 Notices notifying them about missing Forms 1040 for the tax year 2019. In ...
Read this insight New Benefit Plan Auditing Standards Effective Date Extended
Another pandemic-powered delay is pushing the effective date back for new standards related to audits of ...
Read this insight To Port or Not to Port: Is Filing for Portability Right for You?
The option of portability when planning your estate could make a substantial difference come tax time, ...
Read this insight Top 10 Ways Accounting Services Can Grow Your Business
Any successful business will tell you that having excellent accounting is the secret ingredient to growing ...
Read this insight Update on Coronavirus Relief Programs
New Tax Relief & Grants will Support Businesses Impacted by COVID-19 As businesses and taxpayers continue to feel ...
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