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FASB accounting rules delay in the works

Recently, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses and long-term…

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IL Manufacturing Sales Tax Exemption

Illinois sales tax law has changed and now expands the manufacturing machinery and equipment exemption to include production-related, tangible personal property purchased on or after July 1, 2019. Consequently, this sales tax law change will have a large impact on…

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TCJA glitches and the extenders

Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that…

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Posted in Tax Legislation  |  Leave a comment

IRS warns about 2019 tax scams

As tax season hits full swing, the IRS is warning filers and professionals about familiar phishing scams and some new ones, particularly in the wake of major data breaches in the past year. The warning comes this week as part…

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New Revenue Recognition Standard

The Financial Accounting Standards Board (FASB) wanted to improve comparability and consistencies across entities and industries, and improve the usefulness of financial statements through enhanced disclosures. So a new standard was issued. There are two key principles under the new…

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2019 Tax Deadlines (and Extension Deadlines)

Below is a list of tax filing dates and important deadlines for 2019.  The filing dates listed are relevant to your personal and business’s federal tax return. If you plan to file for an extension of state taxes, you’ll need…

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