The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU No. 2016-1 – Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. The objective of this ASU is to enhance the reporting model for financial instruments to provide users of financial statements with...
Confusion as to whether charges for books, supplies, kits and other related goods and services should be prorated has been an ongoing issue for years in the post-secondary education industry. The Department of Education has provided the following wording in response to the confusion. “The determining factor in whether the...
Effective for tax returns filed for tax years beginning in 2018, the Centralized Partnership Audit Regime (CPAR) takes effect for IRS audits. What does this mean for your partnership, or LLC treated as a partnership, for tax purposes? Adjustments to a partnership’s tax liability as the result of an IRS audit...