News

  • Social Security is Now Just a Year Away From This Scary Milestone

    This year is likely to be the last one that Social Security manages to keep its spending under a key psychological level. Starting in 2021, the amount of money that the Social Security Administration spends on benefits for retirees and survivors of retired workers will exceed $1 trillion for the first time – and that's just the beginning of an upward surge that will pose problems for the program's finances sometime during the 2030s.
  • The Outlook of Finance Decision-makers for 2020

    Positive sentiment about the U.S. economy is easy to find among CPA decision-makers in business and industry, despite obstacles and the uncertainty that regularly accompanies an election year.
  • The Student Loan Forgiveness Tax Bomb

    Drowning in student loan debt isn’t fun, and that’s especially true when you realize there are so few ways to dig yourself out. You can pay off your loans the hard way, forking over a significant portion of your income over ten years with a standard repayment plan.
  • 11 Marketing Tips for Accounting Firms

    Marketing can be challenging for many accounting professionals. First, most accounting and tax pros are not natural salespeople, which is what marketing seems to be.
  • State Revenue Relatively Flat, Treasury Reports, and more

    State Revenue Relatively Flat, Treasury Reports, Marijuana Regulatory Agency Holding Public Hearing on Proposed Rule Sets, 2020 Tax Season Kicks Off Jan. 27, and more.
  • 5 Facts About the Earned Income Tax Credit

    Many qualified taxpayers overlook the Earned Income Tax Credit (EITC), potentially missing out on thousands of dollars at tax time. Here are 5 facts every taxpayer should know about the EITC.
  • New California Internet Rules Could Affect Businesses Nationwide

    Most businesses with a website and customers in California — which is to say most large businesses in the nation — must follow the new regime, which is supposed to make online life more transparent and less creepy for users.
  • Educator E-News: December 2019/January 2020

    This Could Be How Future CPAs Get Their Licenses, Michigan Accountancy Foundation Scholarship Application Window Closes Soon, AICPA Scholarships Offer More Than $650,000, and more.
  • Student News: December 2019/January 2020

    This Could Be How Future CPAs (You) Get Their Licenses, CPA Job Interview Tips From a Recruiter, A Guide for Repaying Student Loans, and more.
  • GASB 87: State and Local Gov'ts Face Special Challenges Beyond Mere Accounting

    Previously, governmental entities reported their leases similarly to how private entities reported leases under ASC 840. While finance leases would be capitalized on the balance sheet, operating leases would be reported in the footnotes. However, the Governmental Accounting Standards Board’s Statement No. 87 (or GASB 87) requires that all operating leases now be accounted for as finance leases. As a result, leases previously classified as operating leases will not only be capitalized on the balance sheet, but also be reported differently on the income and cash flow statements. The reporting requirements will be in effect for government entities beginning Dec. 15 for all reporting periods subsequent to that date.

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