Some Companies Get Extra Year to Adopt Revenue, Lease Standards

Businesses that do not meet the definition of a public business entity aside from the fact that they have to include their financial statements or financial information with the financial statements of other public companies can have more time to adopt the FASB's revenue recognition and lease accounting standards. The organizations can adopt the new standards at the same time as private companies, an SEC staffer told the FASB's Emerging Issues Task Force. … Read More

IRS encourages taxpayers, especially EITC and ACTC recipients, to review withholding

In a news release, IRS has encouraged taxpayers to review their withholding and aim to have the correct amount of their tax liability taken from their paychecks, and to examine whether any events have occurred that would warrant the filing of a new Form W-4 with their employers. IRS noted that having the correct amount withheld may be particularly important for certain taxpayers who claim the earned income tax credit (EITC) or the additional child tax credit (ACTC), as these taxpayers may face delays in receiving their refunds. … Read More