FATCA & CRS Reporting Season Is Here: What You Need to Know!


The time for Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting is right around the corner. In fact, FATCA and CRS reporting has already begun in certain jurisdictions. To help you prepare for FATCA and CRS reporting season and its wide range of complex requirements, we'll take a look at a few important things to keep in mind as the time for FATCA and CRS reporting approaches. Compared to last year's reporting, there are a few key differences that you will need to watch for. The first is the fact that numerous new jurisdictions have [...]

FATCA & CRS Reporting Season Is Here: What You Need to Know!2021-08-18T21:44:51-04:00

GASB-87: New Guidelines to Stay Compliant


Initially scheduled to go into effect almost a year and a half ago, Governmental Accounting Standards Board (GASB) Statement 87 was postponed for 18 months due to the COVID-19 pandemic.  With the new effective date of June 15, 2021 fast approaching, though, it is now crunch time for government agencies that want to ensure compliance with GASB-87 and the new lease accounting standards that it requires. GASB-87 was largely written to create more transparent reporting of lease agreements in an entity's financial statements. The biggest takeaway from the new guidelines that GASB-87 establishes is the fact that local government agencies will not [...]

GASB-87: New Guidelines to Stay Compliant2021-08-18T21:44:52-04:00

Unpacking the ‘Most Complex’ Tax Season Ever


In order to combat the economic fallout of the coronavirus pandemic, Congress recently passed the American Rescue Plan Act of 2021 (ARPA) - a $1.9 trillion stimulus package that includes a number of changes to the tax code. With the April 15 deadline to file taxes right around the corner, many organizations - including the IRS itself - are now scrambling to catch up to prepare for what many are predicting to be the most complex tax season in the country's history. The American Rescue Plan Act of 2021 includes several changes to the tax code, including [...]

Unpacking the ‘Most Complex’ Tax Season Ever2021-08-18T21:45:08-04:00

Along with COVID Sales Impacts Come Tax Surprises


2020 will go down as the year that fundamentally changed everything in how consumer business happens. The retail landscape has been entirely turned upside down, and the digital monster of e-commerce, which had slowly been creeping into more and more industries, suddenly became a sprinter, leaping forward. Companies like Amazon and Best Buy leaped forward, Walmart reconstituted its own web portal, and everyone else realized they needed a digital presence pronto; the days of being a non-Internet business was finally over. And it took a pandemic to make the change permanent. However, as online [...]

Along with COVID Sales Impacts Come Tax Surprises2021-08-18T22:15:45-04:00

Why By 2025 Paper Invoicing Will Be Non-Existent


With the fast advancement in a combination of scanning, accounting software, databases, and enterprise capabilities, as well as many available tools for finance online and with cloud support, the ability to bill and invoice parties electronically has become exponentially easier. Broadband access has contributed as well, allowing both senders and receivers to enjoy easy communication of e-files fast and accurately. No surprise, invoicing online has been growing at a rate of at least 20 percent annually in most industries. A key factor in invoicing capability has been the widespread free ability to read PDF [...]

Why By 2025 Paper Invoicing Will Be Non-Existent2021-08-18T22:15:34-04:00
Go to Top