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Basic principles of the new revenue recognition standard

Mar 11,2018 at 05:03 pm

What is revenue recognition?

Revenue is one of the most important measures of financial performance in a business. Currently, US GAAP has complex, detailed revenue recognition requirements for specific industries and accounting transactions.  As a result, various industr...

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What is US GAAP and why its important for your business?

Mar 04,2018 at 05:12 pm

 

What is US GAAP - Generally accepted accounting principles?

 

US GAAP- Generall accepted accounting principles are set of accounting standards/principles adopted by the professional accounting industry.

These accounting standards, rules are establi...

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Timelines for adopting the new Revenue Recognition Standard ASC 606

Mar 04,2018 at 04:14 pm

ASC 606 is the new revenue recognition standard that takes effect for most public listed companies in the United States effective January 2018. 

Below list has some important information relating to when both public and non-public listed companies will need to adopt the new Revenue Recogn...

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FIVE TAX CREDITS FOR A BIGGER 2017 REFUND

Feb 25,2018 at 12:35 am

Tax credits help reduce the amount of tax you owe. A refundable tax credit allows you to reduce your overall tax liability and it can also result in a refund.

  1. Child Tax credit: You are eligible to receive up to $1,000 on your tax return. You are required to file form...

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BENEFITS OF S CORPORATION/TAX ELECTION UNDER THE NEW TAX PLAN.

Feb 25,2018 at 12:33 am

S Corporation

A business may elect to be an S Corporation (S Corp) by filing form 2553. This will provide additional tax benefits for the S Corporation as there is no taxation at the corporate level. All profits and losses will pass through at the shareholder level.

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