Essential insights into Generally Accepted Accounting Principles (GAAP), financial statement preparation, and professional bookkeeping. Discover guides for maintaining financial transparency and business health.
How do you account for carbon credits and emission allowances under U.S. GAAP now? On May 19, 2026, the FASB issued Accounting Standards Update (ASU) 2026-02, creating a brand-new Codification Topic — ASC 818, Environmental Credits and Environmental Credit Obligations. Until now, U.S. GAAP had no specific guidance for carbon offsets, renewable energy certificates (RECs),…
When does an SEC registrant have to file financial statements for a business it acquired? Under SEC Regulation S-X Rule 3-05, a registrant (including a company doing an IPO) must file separate pre-acquisition financial statements of a “significant” acquired or to-be-acquired business — with a parallel rule (3-14) for significant real estate operations. Significance is…
How can summer activities affect your next tax return? Several common summer events have tax consequences worth handling now, per the IRS: (1) summer DAY CAMP costs may count toward the Child and Dependent Care Credit; (2) getting MARRIED means reporting any name change to the Social Security Administration and any address change to USPS,…
What did the SEC propose to make going public easier? The U.S. Securities and Exchange Commission issued a set of proposed rule changes intended to encourage IPOs. The headline item: raise the threshold to be a “large accelerated filer” from $700 million to $2 billion in public float (the higher status would have to be…
What is the FASB hearing from investors right now? At its May 28, 2026 meeting, the FASB’s Investor Advisory Committee (IAC) flagged where today’s financial statements fall short for investors — and where new disclosure may be coming. Top themes: (1) data center financing and private credit are growing complex and opaque; (2) whether certain…
You got a letter from the IRS — what should you do? Open it and read it carefully; don’t toss it or panic. Most IRS letters and notices concern a specific issue on your federal tax return or account — a correction, a balance due, a request for more information, or a credit question —…
What is the 4% rule, and how do taxes change the picture? The 4% rule is a widely cited retirement rule of thumb: withdraw 4% of your savings in your first year of retirement, then adjust that dollar amount for inflation each year, aiming to make a portfolio last about 30 years. It’s popular because…
Is the Social Security Direct Express card changing — and do you need to do anything? Yes, for one group. The Social Security Administration (SSA) is switching the financial agent that runs its Direct Express prepaid debit card program from Comerica Bank to Fifth Third Bank, following a merger of the two institutions. This affects…
How is income from the 2026 FIFA World Cup taxed across the U.S., Canada, and Mexico? The 2026 FIFA World Cup is co-hosted by three countries, which raises a thorny question: when a national team earns prize money and other compensation, how is that income sourced among the United States, Canada, and Mexico? To avoid…
What federal tax developments landed in early June 2026? Three Treasury/IRS regulatory proposals and a busy week on Capitol Hill. On the regulatory side: (1) proposed regulations under §892 (CC-00349656-26, IR-2026-69) giving sovereign investors transition relief and new applicability dates tied to the December 2025 proposed rules; (2) proposed regulations (REG-103193-26) raising the estate tax…
