Accounting and Auditing | Albin, Randall and Bennett

New Tax Legislation-December 2019

Once again, Congress has passed tax legislation just before Christmas. This year, the tax provisions were attached to an enormous spending bill.  The tax portion contains two general areas of change – extending previous deductions/credits and new retirement plan changes. The extension of previous deductions and credits are generally only extended for one year. Here


Nonprofits Set to Save on Employee Transportation Costs with Passage of New Spending Bill

A newly passed federal spending bill has wide-ranging implications for both businesses and individuals, but one key section is of particular note for nonprofits that provide parking to employees. A controversial fringe benefits tax imposed on tax-exempt employers is set to be repealed, representing thousands of dollars in potential savings for these employers. The Further


Are You Ready for the New Revenue Recognition Standard?

If your company gets revenue from contracts with customers, as construction companies do, you’d better be ready for ASC 606, the new revenue recognition standard issued by the Financial Accounting Standards Board (FASB). That’s because it goes into effect this year for privately held businesses. The principle of the new standard is that a business


FASB Proposes Extended Effective Dates for Private Companies and Nonprofits

Yesterday the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update that changes the effective date for certain new accounting standards. Private companies and nonprofits will benefit from the additional time to evaluate and implement the new lease, expected credit loss (CECL), and hedge accounting standards. The following are the proposed new effective dates: Leases- years beginning after December