Ellin & Tucker Offices

Recommended By: Dan Thrailkill

It seems as though everyone is talking about Bitcoin, except for the IRS. As the use of virtual currency becomes more mainstream, many of those in the accounting industry are wondering how to account for these transactions, both from a bookkeeping and taxation standpoint. The IRS has yet to take a stance on the tax treatment of transactions involving virtual currency, and I wouldn’t hold my breath waiting for them to make a definitive stance any time soon. This article discusses the potential tax treatment for such transactions:... Continue Reading

Recommended By: Carl Kampel

The proposed changes to lease accounting have gone through a number of iterations, and the closer to getting to a final standard is still in some state of uncertainty. There has been general agreement between the Financial Accounting Standards Board... Continue Reading

By: Private: Carl Kampel

The Financial Accounting Standards Board issued final guidance on an accounting alternative that allows private companies to amortize goodwill acquired in a business combination and to use a simpler one-step impairment test.... Continue Reading

Recommended By: Tom Byers

The IRS and Treasury feel that there is significant abuse by U.S. taxpayers owning/hiding assets overseas without reporting the income earned thereon in their U.S. tax returns.  There has long been a requirement to report these assets (once the value of... Continue Reading

Recommended By: Kim Fusco

Venable, LLP (www.venable.com) issued a good summary article regarding the potential sales tax liability on goods sold online.  It reminds us that while nonprofits are typically exempt from sales and use tax, they are not exempt from the obligation to collect... Continue Reading
  The public accounting and business consulting firm, Ellin & Tucker, was recently honored for its community service efforts along with 11 other companies by Mayor Stephanie Rawlings-Blake at the 39th annual Mayor’s Business Recognition Awards Luncheon. At the awards... Continue Reading

Recommended By: Bryan Porter

The Journal of Accountancy released an interesting article on how industry is reacting to the new revenue recognition standard.  Although the final version is not expected until later in the first quarter of 2014, both publicly and privately held companies... Continue Reading

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