Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. ASC 842 is intended to “increase… Read more

The IRS is reminding families about the Credit for Other Dependents, a tax credit available to taxpayers for each of their qualifying dependents who cannot be claimed for the Child Tax Credit. The maximum credit amount is $500 for each dependent who meets certain conditions, including: Dependents who are age 17 or older. Dependents who have individual… Read more

If you work for a nonprofit that’s funded by grants or donations, you need to keep iron-clad records in order to account for every penny if you’re ever audited. However, that doesn’t mean you need to retain all your files forever. Nobody has the storage space for that. Here’s a handy guide to how long… Read more

President Biden’s proposed infrastructure plan does not explicitly raise estate taxes. Instead, it ends the step-up in basis that wealthy taxpayers often use to minimize the tax on inherited wealth. The step-up in basis allows heirs to calculate their capital gains rate using the fair market value of assets at the time they are transferred… Read more

The “race to the bottom” of international tax rates may soon come to an end. The Organisation for Economic Cooperation and Development (OECD) is working with countries across the globe on a framework designed to level the playing field. Leaders from 130 countries backed a broad outline last month that will seek to overhaul rules for taxing international corporations. In an effort… Read more