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On October 9, 2023, the US Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) aimed at ensuring that financial reporting is in line with stock exchange regulations. These amendments are a response to an update from the U.S. Securities and Exchange Commission (SEC) in 2018, which highlighted 27 areas calling for more…
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In September, the IRS sparked debate when it announced that it would be using funding from the Inflation Reduction Act to integrate Artificial Intelligence (AI) into its operations. While the move promises to enhance efficiency, streamline processes, and offer more accurate data handling, the move has been met with a mix of support and skepticism…
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Just one week after Bill H. 4104 was approved 38-1 by the Massachusetts House of Representatives, Governor Maura Healey signed the $1 billion Tax Relief Bill into law. The new law aims to help the economy by making the state both more attractive to businesses and more affordable for its residents. Among other items, the…
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This third major hurricane of the 2023 season, Hurricane Lee originated as a tropical storm off the coast of West Africa on September 5, intensified into a hurricane as it traveled across the Atlantic over the next week, and eventually transitioned into an extratropical cyclone, making landfall in Canada on September 17. Along the way,…
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On Monday, July 17th, countries around the world agreed to updated administrative guidance from the Organization for Economic Co-operation and Development (OECD). This new guidance allows countries that have implemented the new global minimum corporate tax (GMCT) additional time to prepare, providing temporary relief for American companies. Background Over the past few decades, technological improvements…
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Tonneson + Co, your trusted accounting, tax, and advisory expert is excited to announce the launch of our new website. Our mission was simple: create a more user-friendly and accessible digital experience that sets a new standard in our industry. We’ve implemented streamlined navigation that ensures swift and efficient browsing. Whether you’re a valued client,…
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If you are an American taxpayer who earns income from abroad, you may already be familiar with the foreign tax credit (FTC). In short, taxpayers who pay taxes to foreign countries for income earned abroad may be able to offset a portion of their tax liability in the US using the FTC. For companies and…
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Late last October, we wrote about a new revenue procedure by the IRS that allows S corporations and their shareholders to resolve certain issues without having to resort to a private letter ruling (PLR). Prior to this revenue procedure, S corporations and their shareholders were often forced to turn to PLRs to resolve even simple mistakes. Since the…
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California has been in for nasty weather this year, having been hit since January with an onslaught of storms that have resulted in floods, mudslides, and evacuations. As Californians struggle to recover, there is a silver lining: the IRS has announced that affected taxpayers will have until October 16, 2023, to file various individual and business tax…
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As long as people have owned property, they have earned income by renting it out to others, both for long-term living and for short-term stays. In the last decade and a half, however, the short-term rental market has exploded. As rental brokers like VRBO and Airbnb have gained in popularity, more people than ever are…
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