By Jeff Faust, Director of Valuation Services
ASL Business Valuation Services
Late last year, we wrote a few times about the looming regulations affecting valuation discounts under the IRS Proposed Section 2704 Regulations.
The comment period ended on November 1st and the public hearing in Washington D.C. was held on December 1st to a capacity crowd. Here are some quick highlights from the hearing that were published by BV Wire: (more…)
In November 2016 the Governor’s Office of Economic Development announced that it had awarded $61 million of California Competes tax credits to 74 taxpayers.
These business entities promised to add over 6,500 jobs and invest $670 million in the California economy.
The credits granted ranged from $8 million to businesses receiving the minimum credit of $20,000. The program is required to grant 25% of the credits to small businesses. It is interesting to note that credits were granted to many taxpayers not operating in manufacturing. Taxpayers receiving credits included entities performing: engineering consulting (Roseville), software development (Folsom); dentist (Fresno), day care services (Oakland); financial planning (Irvine), data analysis (Los Angeles) and architecture (Anaheim). (more…)
By Josh Cross, Senior Audit Manager
ASL Nonprofit Group
Recently the men and women at the Financial Accounting Standards Board (FASB) have been busy providing accountants with no shortage of nighttime reading. In the middle of putting the accounting world on its head with the release of the new Revenue Recognition (Topic 606) and Lease (Topic 842) Accounting Standards, the Not-For-Profit Advisory Committee has been hard at work re-tooling the way nonprofits will have to present their financial statements. (more…)
The new revenue recognition standard, or ASU 2014-09, was issued in May 2014. As we first started digesting the standard, we posted a blog on the 5-step process of revenue recognition (September 10, 2014 post). Due to the sweeping changes associated with this standard, it became clear early on that implementing the new standard was going to be a process. As a follow-up, we included an implementation update in the blog (March 18, 2015 post) but once again, there are more twists and turns for the newly issued standard.
On June 24, 2015 Gov. Brown signed SB 81 that made several significant changes to the California College Access Tax Credit that I discussed in my Nov. 5, 2014 blog. These changes include:
The application periods and award amounts for fiscal year 2015-2016 have been announced:
- July 20 to August 17, 2015 ($75 million)
- January 4 to January 25, 2016 ($75 million)
- March 7 to March 28, 2016 ($51 million)
If your company is expanding operations in California you may qualify for the credit but you will not receive a credit unless you apply!
In a June 18, 2014 post, I wrote about some current efforts (and, more importantly, results) of the FASB related to simplifying several of the more troublesome areas of GAAP for non-public companies.
As an important reminder, the FASB private company GAAP exceptions can be elected as accounting policies by any non-public company (as defined by FASB), with the Company’s financial statements still being considered in conformity with GAAP. In other words, no GAAP exceptions would be reported by independent accountants in audit, review or compilation reports related to adoption of any of these alternatives, assuming the principles are properly applied.
It’s been awhile since I’ve posted anything about Bitcoin. Given that it seems to pop into the headlines fairly often, I thought it was time for a revisit after closing out 2014. How did Bitcoin fare for the remainder of 2014 and start of 2015? Let’s see.
Here is a nice summary of performance other than price (we’ll get to that later) in 2014. Some key statistics are:
By Guest Blogger: Monika Miles
Among internet retailers, the buzz in the last few years has been around the Marketplace Fairness Act of 2013. This proposed federal legislation was passed by the Senate in May 2013, but stalled in the House of Representatives throughout the remainder of 2013 and 2014.