Richmond VA Accounting Services Blog | Rue & Associates

Blog

19
Nov

Pivotal Time for Private Companies on Revenue Recognition

It’s clear that FASB’s new revenue recognition standard might not be first choice for private company’s finance. The standard takes effect for private companies for annual reporting periods beginning after Dec. 15, 2018, and interim periods within fiscal years beginning …

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17
Nov

FASB Staff Paper Assists with Franchise Fee

A new FASB staff paper offers information to private company franchisors as they decide how to identify certain franchise fees under the new revenue recognition standard. The FASB staff paper gives educational illustrations demonstrating how a franchisor may make these …

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09
Nov

Social Security Administration Sets the Wage Base for 2019

The Social Security Administration declared that the maximum amount of wages on individuals to old age, survivors, and disability insurance tax will increase to $132,900 in 2019. The OASDI tax rate is 6.2 percent, so an employee with wages up to …

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08
Nov

Due Diligence for Tax Preparers are Finalized

Recently the IRS finalized proposed regulations imposing a penalty on tax return preparers who do not follow certain due-diligence requirements when preparing to file returns for taxpayers who are claiming to be head-of-household filing status, the earned income tax credit, …

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05
Nov

Qualified Retirement Plans – Inflation Adjustments

The limit on elective deferral contributions to 401(k) plans, 403(b) plans, most 457 plans will rise from $18,500 in 2018 to $19,000 in 2019, per the IRS. Nevertheless, the contribution limit for those 50 and older remains $6,000. Many other …

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