Journal Of Accountancy - Accounting, Tax, Auditing News

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Actived: Saturday May 30, 2020


Boost Business Referrals - Journal of Accountancy

CPAs understand the benefits of having clients refer friends, family and colleagues, but some haven’t built a program for actively seeking referrals into their everyday operations. Here are strategies to increase a firm’s business through word of mouth. Develop a system. Standard practice should include asking for and following up

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Revenue recognition’s effect on gift card accounting: Are

Prepaid cards and several other payable-based consumer products are popular retail items and marketing tools. Portions of the proposed revenue recognition standard that FASB is working on will affect gift card programs. Companies with gift card programs need to be prepared as the proposed standard will require the recognition of

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Employer-Provided Employee Meals - Journal of Accountancy

Employers in certain businesses and industries that provide employees with meals during the workday can deduct the costs of those meals if they are ordinary and necessary business expenses. As a rule, the IRS limits the business meals deduction to 50% of cost, although it may allow a full deduction

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Accounting for Gift Cards

B lack Friday, so called because it kicks off the holiday shopping season that retailers hope will bring the $4.7 trillion industry into the black, is just weeks away. But last year, continuing a growing trend, more shoppers chose to purchase gift cards rather than merchandise, skewing some sales reports.

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The Right Way to Recognize Revenue - Journal of Accountancy

EXECUTIVE SUMMARY AMID CONCERNS ABOUT IMPROPRIETIES, the SEC issued SAB 101, which provides guidance on recognizing, presenting and disclosing revenue in financial statements. The official implementation date is no later than the last quarter of fiscal years beginning after December 15, 1999 (the quarter ending December 31, 2000 is the

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Journal of Accountancy - Accounting, tax, auditing news

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Tax Treatment of Rebates May Be Clearing Up

EXECUTIVE SUMMARY The IRS has attempted for many years to categorize rebates as deductions rather than exclusions so that the restrictions of IRC § 162 can be applied. But the courts have allowed exclusion treatment for direct seller-to-buyer rebates. Though the IRS has had some success in the courts challenging

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Beware of disappearing revenue in an acquisition

These days, it seems as if everyone wants to be a technology company—or to merge with one. Global merger-and-acquisition (M&A) activity through December 2015 was at a record high, with acquisition activity in the technology sector at the highest level on record. Unfortunately, the euphoria of acquiring a company can end abruptly—when the buyer realizes it will never get a chance to

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Unclaimed Property - Journal of Accountancy

Section 30(e) of the 1981 Uniform Unclaimed Property Act specifically permits the use of estimates where sufficient records are not available to identify unclaimed property amounts. When performing routine tests, an unclaimed property examiner may discover the holder has written off or otherwise removed certain items from its books.

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When Should Advertising Be Capitalized?

It says advertising costs should be expensed, either as they are incurred or the first time the advertising takes place. The two primary costs of advertising are production and communication. Advertising production costs include idea development, advertising copywriting, artwork, printing, audio and video crews, actors and other related costs.

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