Remove accounting standards Remove business tax Remove financial accounting
article thumbnail

How should I account for lease modifications under ASC 842?

ThomsonReuters

So will you apply modification accounting for lease concessions that won’t reasonably affect the entire lease term? This isn’t always the case when many are anticipating that the concessions won’t be long-term, but rather only temporary relief.

article thumbnail

Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

Withum

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. In addition, the IRS requested comments for additional examples of costs that should not be considered software development. This article was originally published by Lynn Mucenski Keck in Forbes on October 2, 2023.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Understanding the proportional amortization method

ThomsonReuters

Accounting for tax equity investments Implementing ASU 2023-02 Accounting professionals with equity investor clients who are involved with projects to receive income tax credits and other income tax benefits need to have a clear understanding of the proportional amortization method (PAM), especially in light of recent changes.

article thumbnail

Guide to accountant responsibilities

ThomsonReuters

CPA responsibilities to clients As a trusted advisor in an increasingly complex financial landscape, certified public accountants (CPAs) have significant responsibilities for the services they provide to their clients. The goal: to ensure that financial information is consistently and accurately reported.

article thumbnail

Friday Footnotes: Why People Leave Public Accounting; Audit Workloads Up; Terrorist Clients (Literally) | 12.2.22

Going Concern

Choi Jin Hyuk has reportedly been offered the role of a senior manager at the firm who has been working as an accountant for 12 years. FASB takes step toward clarifying lease accounting [ CFO Dive ].