Last year, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced their intention to proceed with plans that have been in the works for some time to fundamentally change lease accounting standards. These changes will overturn a half-century of accounting practices under U.S. GAAP as they relate to accounting for leases.
Looking for a tax break? An interest-charge international sales corporation (IC-DISC) can be a powerful tax-savings opportunity for many companies exporting products and certain services. An IC-DISC is a domestic corporation that engages in foreign sales and exporting activities. The laws for IC-DISCs have been in place for many years as a means to promote U.S. business activities globally. IC-DISC’s are relatively easy to structure with very little, if any, change required to your business. Essentially, the IC DISC is invisible to your customers but the tax savings can be substantial.
With plenty of buzz in the press from the second half of 2013 and continuing…the FBI shutting down Silk Road’s illicit website, young urban professionals making trades by meeting in retail establishments in Manhattan’s Lower East Side, and students and entrepreneurs buying coffee with them in Palo Alto…it appears the ranks of Bitcoin users and investors is ballooning.