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Journal of Accountancy

100th ANNIVERSARY. Black CPA Centennial, 1921–2021. With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in …

Actived: 7 days ago

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Employee discount plans

Sec. 132(a)(2) allows employers to provide a qualified employee discount that is excludable from an employee's taxable income. A qualified employee discount is defined under Sec. 132(c) as a discount with respect to qualified property or services that, in the case of property, does not exceed the gross profit percentage of the price at which the property is offered to customers, or, in the

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Deduction allowed for unredeemed ‘fuelperks!’

451-4 (a)(1) permits an accrual-basis taxpayer that issues discount coupons redeemable in cash, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession. From The Tax Adviser.

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Smart Stops on the Web

TAX SOFTWARE SITES Links to Tax Programs www.futureofsoftware.net CPAs and tax preparers can find links here to sites that offer software—either to demo for free or purchase—as well as hardware and peripherals. Users can explore categories such as computer rentals, data recovery and storage, and multimedia. A search on the

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When Should Advertising Be Capitalized

This might include coded order forms, coupons or response cards; files indicating customer names and the advertisement; or a log of customers who called a particular phone number appearing in an ad. To meet the second requirement, companies must present documentation of benefits from previous direct response advertising campaigns.

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The Right Way to Recognize Revenue

Unfortunately the executives at another company did not act soon enough to ward off revenue recognition problems. As a result, both the chief operating officer and the chief financial officer at the software maker were replaced when the company investigated improper accounting practices. Taking quick action, the company said it would file

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Tax provisions in the American Rescue Plan Act

The $1.9 trillion stimulus plan passed by the House of Representatives early Saturday contains many tax provisions, including a new round of economic impact payments, a tax credit for COBRA continuation coverage, and the expansion of several other tax credits.

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Revenue recognition’s effect on gift card accounting: Are

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The new revenue recognition standard in plain English

By now, you likely know that there is a new revenue recognition standard that will soon be effective. And you’ve probably heard warnings of the “many implications,” “changing business model,” or “full transformation” that will be required in order to be compliant in time.. So what are the basics that you need to know about the standard? Let’s take a look at them, starting with

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Accounting for Gift Cards

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IRS Expands Use of Electronic Payments, Discontinues Paper

The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper coupon payment system will be shut down at the end of this …

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Beware of disappearing revenue in an acquisition

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FASB addresses share-based payments to customers

That ASU substantially aligned the accounting for share-based payments to nonemployees and employees. But the June 2018 ASU required share-based payments to nonemployee customers to be accounted for under Topic 606, Revenue From Contracts With Customers, as a reduction of revenue, similar to other sales incentives such as coupons and rebates.

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A new internet domain for the CPA profession: .cpa

The AICPA and CPA.com are launching .cpa, a restricted Internet domain exclusively for licensed CPA firms and, beginning next year, individual CPAs. The new .cpa domain is designed to promote greater trust in firms’ online interactions with clients and the public.

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Expanding your app-titude

GroceryIQ, produced by Coupons.com, is designed to be a grocery list manager, but it also offers several features to make your life easier when shopping. If, like me, you’ve been asked to “stop at the grocery store on your way home” and upon arrival stood in a tax-season-induced stupor, trying to remember at least one thing you were

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Giant Eagle’s advance deductions grounded

Sec. 1.451-4(a)(1) provides an exception to the all-events test for taxpayers that issue trading stamps or premium coupons redeemable by the taxpayer in merchandise, cash, or other property. This exception allows a reduction in sales revenue from selling the trading stamps or premium coupons for the cost of redeeming the coupons.

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Tax news and information

IRS Expands Use of Electronic Payments, Discontinues Paper Coupons. The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper coupon payment system will be shut down at the end of this year.

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Accounting technology news and resources

IRS Expands Use of Electronic Payments, Discontinues Paper Coupons. The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper coupon payment system will be shut down at the end of this year.

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Employer-Provided Employee Meals

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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Line Item

Small Fish Are Off the Hook . Most small businesses will no longer have to worry about making their tax payments electronically. The IRS announced that starting on January 1, 2000, only companies paying $200,000 or more in employment and other depository taxes must use the new electronic federal tax payment systems (EFTPS).

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Smart Stops on the Web

100th ANNIVERSARY. Black CPA Centennial, 1921–2021. With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in …

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Individual income taxation

Line Items. IRS PROPOSES PTIN FEES The IRS proposed (REG-139343-08, issued July 23, 2010) to begin charging all authorized tax preparers a $50 user fee to obtain or renew annually a preparer tax identification number (PTIN).

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Measuring Success: A How-to Guide for Marketers

100th ANNIVERSARY. Black CPA Centennial, 1921–2021. With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in …

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Many parents failing to educate children about money

Many children aren’t learning much about money from their parents, a new survey shows. Three in 10 parents never talk to their children about money or have had just one big talk with their children on the subject, according to a U.S. telephone survey conducted for the AICPA by Harris

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Golden Business Ideas

An Invitation . The JofA publishes a monthly collection of Golden Business Ideas and invites readers to contribute their favorites (for attribution, if you like).. Send your ideas to Senior Editor Stanley Zarowin via either e-mail (zarowin@mindspring.com) or regular mail at the Journal of Accountancy, Harborside Financial Center, 201 Plaza Three, Jersey City, NJ 07311-3881.

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