Starting January 1, 2014 an IRS ruling says automatic gratuities will start to be treated as wages not as tips. The IRS ruling states that automatic gratuities are actually service charges because they do not meet the requirements to be reported as tips. In order to be treated as tips, the payment must be made
On May 16, 2013, the FASB issued Proposed Accounting Standards Update (ASU), Leases. In our last post (LINK), we covered how this ASU creates a new definition of a lease with Type A and Type B leases. Read on to learn more about the accounting implications of this ASU.
On May 16, 2013, the FASB issued Proposed Accounting Standards Update (ASU), Leases. This proposed ASU is a complete rewrite of the lease accounting rules that have been in effect since 1976. Under existing accounting standards, a majority of leases are not reported on the lessee’s balance sheet, and the amounts involved can be substantial.
If you own a business, it is frequently among your most valuable assets. However, do you really know what that business is worth? Over the next few posts, we’re going to review the basics of business valuation, including the various methods of establishing value and how to choose the method that best applies.
From earliest childhood we value the opportunity to cry ‘do over’ when we make an honest mistake. Adult life, and in particular our relationship with the IRS, doesn’t usually offer opportunities to ‘do over’. However, one program does – First Time Abatement.