The Financial Accounting Standards Board has set effective dates for its new leasing standard, which will require companies to recognize all leases as a right-of-use asset and corresponding liability rather than disclosing only some leases.
By March 2, 2015, taxpayers will need to submit their statement and payment of San Francisco’s new gross receipts tax, which began its phase-in period in June 2014. We cover what taxpayers need to know to pay the tax and avoid penalties in this Alert.
Contributing to California’s College Access Tax Credit Fund can offset either business or personal taxes. Taxpayers hoping to claim the incentive for the 2015 tax year should begin planning their contributions (and calculating the potential corresponding tax write-off) now.
Seattle mayor Ed Murray signed Seattle City Ordinance Number 124910 on December 1, 2015, ending the Seattle square-footage business tax. Effective January 1, 2016, this change means the last tax due is for the period ending December 31, 2015.
The Washington State Department of Revenue determined that payments made by the FDIC to banks that acquire the assets or liabilities of other failing banks are subject to state B&O tax.
Changes to the schedule of expenditures of federal awards (SEFA) are required by the uniform guidance and effective for financial statement audits of fiscal years beginning on or after December 26, 2014.
Companies will need to consider the effects of President Trump’s tax reform in their 2017 financial statements and/or disclosures under ASC 740 requirements.
Preferential aerospace rate is available to certain manufacturers and sellers of materials or components, according to Washington Department of Revenue Excise Tax Advisory.