The Tax Cuts and Jobs act has newer rules for deducting business meals and entertainment expenses. According to prior 2017 tax law, most meals and entertainment expenses were 50% deductible for tax purposes.
We have received many questions about how meals and entertainm...[Read More]
The new tax law suspends the moving expenses deduction for tax years beginning after December 31, 2017 and goes through January 1, 2026. During this timeframe, there is no deduction allowed for use of an automobi...[Read More]
What is revenue recognition?
Revenue is one of the most important measures of financial performance in a business. Currently, US GAAP has complex, detailed revenue recognition requirements for specific industries and accounting transactions. As a result, various industr...[Read More]
What is US GAAP - Generally accepted accounting principles?
US GAAP- Generall accepted accounting principles are set of accounting standards/principles adopted by the professional accounting industry.
These accounting standards, rules are establi...[Read More]
ASC 606 is the new revenue recognition standard that takes effect for most public listed companies in the United States effective January 2018.
Below list has some important information relating to when both public and non-public listed companies will need to adopt the new Revenue Recogn...[Read More]