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House Republicans propose to withhold funds from FASB

Accounting Today

House Republicans released a spending proposal that threatens to withhold funding from the Financial Accounting Standards Board unless it withdraws its income tax reporting standard.

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Year-End Tax Strategies for Businesses

Withum

Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits. De Minimis Safe Harbor Election Also known as the book-tax conformity election, this election is an administrative convenience that allows businesses to deduct small-dollar (i.e., years) to a shorter depreciable tax life (e.g.,

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Tax Fraud Blotter: Getting personal

Accounting Today

Sole owner of Zion Outfitter, an outdoor retailer in Springdale, Utah, he handled the company finances and provided CPAs with information and records to prepare tax forms to submit to the IRS. He underreported his taxable personal income, which resulted in his evading at least $1.9 million in income tax. million in taxes.

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Tech Startup Accounting Insights From A Y Combinator Company

inDinero Tax Tips

Heres a brief checklist: Choose an accounting method: cash or accrual. Integrate software with your financial accounts for easy record-keeping. Regularly review bank account and credit transactions for discrepancies. As shares vest and increase in value, so do the income tax consequences of receiving them as compensation.

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UHY Adds Flynn & Co. in Ohio

CPA Practice

in Ohio The top 30 accounting firm has its first location in Ohio after merging in Cincinnati-based CPA firm Flynn & Co. in Ohio The top 30 accounting firm has its first location in Ohio after merging in Cincinnati-based CPA firm Flynn & Co. Since 1994, Flynn & Co.

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Expert advocates 1099 reporting automation to ease compliance burden

ThomsonReuters

The process involves obtaining and regularly updating W-9 forms to ensure accurate records of vendors’ legal names and tax identification numbers. He suggests seeking a trustworthy technology partner who understands the business’s financial accounting solutions and can provide integrated software options.

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FASB releases income tax disclosure standard

Accounting Today

The Financial Accounting Standards Board issued an accounting standards update Thursday aimed at improving income tax disclosures from companies.