2022 News

Seeking Truly Global Financial Reporting Standards

For decades, leading standards setters have advocated a single set of global financial reporting standards. After large strides were made in converging U.S. GAAP and IFRS in the first decade of this century, progress seemingly stalled. The authors believe that the nascent movement towards global sustainability reporting standards provides an opportunity and a model for U.S. standards setters to re-engage with their international counterparts and renew the push for truly global financial reporting standards. Accounting expert Barry Jay Epstein, Ph.D., CPA (Inactive) is a co-author with Peter Harris, CPA, CFA, CMA, CIA,  and Eva K. Jermakowicz, PhD, CPA in an [...]

April 21st, 2022|

Accounting Treatment of State Pass-Through Entity Taxes

The Tax Cuts and Jobs Act (“TCJA”) enacted on December 22, 2017 that became effective for tax years after December 31, 2017 and before January 1, 2026 included a provision that limited the annual federal personal income tax deduction for state and local taxes (“SALT”) to $10,000. The taxes to which this limit applies are state and local income, sales, and property taxes paid by the individual taxpayer. Additionally, the TCJA also increased the standard deduction to $12,000 for single tax filers and $24,000 for joint filers. These were significant increases from the prior standard deductions which were $6,300 and [...]

April 21st, 2022|

2020 News