Accounting & ASC 740
1099-OID vs. 1099-INT: Which Form to Use for Convertible Note Interest Reporting
Many startups issue convertible promissory notes and struggle with which tax form to use to report interest income: Form 1099-OID or Form 1099-INT. Getting it wrong can create compliance issues…
Read MoreAre you ready for your 2025 retirement plan audit?
Here are some things to keep in mind as you are setting up your 2026 calendar: ✔ Check that you have received and signed your audit engagement letter. ✔ Verify your auditor’s…
Read MoreEmployee stock compensation: Back to the basics
December 29, 2020 10:00 AM to 11:00 AM PST KBF CPAs invites you to join us for this presentation to learn about how employee stock compensation really works and what…
Read MoreAccounting for Income Taxes–A Path Towards Simplicity–ASU 2013-11
To download a PDF version please click here Generally Accepted Accounting Principles (GAAP) The Financial Accounting Standards Board (FASB) establishes financial accounting and reporting standards for public and private companies…
Read MoreIRS Form 1099-MISC & 1099-NEC—A New Filing Requirement for Independent Contractor Payments
Traditionally, taxpayers have used Form 1099-MISC to report certain payments to the IRS, including payments made to independent contractors. Form 1099-MISC has been redesigned, and employers will now report all…
Read MoreAccounting for Income Taxes – A Path Towards Simplicity – ASU 2009-06
The Financial Accounting Standards Board (FASB) establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is…
Read MoreProposed Reliance Regulations on Disallowed Transportation and Commuting Expenses
Background As amended by the Tax Cuts and Jobs Act (TCJA), Internal Revenue Code (“IRC”) Section (“Sec.”) 274(a)(4) disallows deductions for the expense of any qualified transportation fringe (QTF) as…
Read MoreTreasury Provides Welcome Grace Period and Transition Relief from Repeal of the “338 Approach” to Recognition of Built-in Gains (but the clock is ticking)
On January 14, 2020, the IRS and Treasury provided partial relief from their earlier announcement of the repeal of a highly favorable method of increasing the Section 382 limitation on…
Read MoreProposed Regulations Deny the Deductibility of Certain Fines, Penalties, and Other Amounts Under Section 162(f), and Impose Reporting Requirements
The IRS and Treasury released proposed regulations that offer guidance concerning the recent expansion of the limitations on deducting certain fines, penalties, and other amounts under Section 162(f) of the…
Read MoreIRS Issues Flexible Guidance on QIP, bonus depreciation and other favorable elections under CARES Act
On April 17, 2020, the IRS released Revenue Procedure 2020-25 (the “Rev Proc”), which provides guidance to enable taxpayers to accelerate their cost recovery of qualified improvement property (QIP). This…
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