Topel Forman Blog

U.S. House passes the Build Back Better Act (November 26 2021)

U.S. House passes the Build Back Better Act (November 26 2021)

Now that the bill has been passed by the House, it still must fight its way through the Senate, where it faces additional debate. A Senate vote isn’t expected to take place until late December. Most likely the Senate will make some changes to the bill, which could include changes to some of the tax provisions.

Most existing arrangements that currently are reported as leases will continue to be reported as leases under the updated guidance. In addition, the new definition is expected to encompass many more types of arrangements that aren’t reported as leases under current practice. Some of these arrangements may not be readily apparent, for example, if they’re embedded in service contracts or contracts with third-party manufacturers.

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Private companies: Are you on track to meet the 2022 deadline for the updated lease standard? (November 12, 2021)

Private companies: Are you on track to meet the 2022 deadline for the updated lease standard? (November 12, 2021)

The updated guidance calls for major changes to current accounting practices for leases with terms of a year or longer. In a nutshell, ASU 2016-02 requires lessees to recognize on their balance sheets the assets and liabilities associated with all long-term rentals of machines, equipment, vehicles, and real estate. The updated guidance also requires additional disclosures about the amount, timing, and uncertainty of cash flows related to leases.

Most existing arrangements that currently are reported as leases will continue to be reported as leases under the updated guidance. In addition, the new definition is expected to encompass many more types of arrangements that aren’t reported as leases under current practice. Some of these arrangements may not be readily apparent, for example, if they’re embedded in service contracts or contracts with third-party manufacturers.

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Selling a home: Will You Owe Tax On the Profit?

Selling a home: Will You Owe Tax On the Profit?

The tax implications if you’re selling your home or you sold one in 2021. Depending on your home sale profit and your income, some or all of the gain may be tax-free. But for higher-income people with pricey homes, there may be a tax bill.

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Topel Forman Announces Department Heads of Tax and Audit

The Tax and Audit departments have new leadership by two of the partners, Jessica Schulman and John Rozek. Jessica explained that the formal creation of these department heads has been implemented to help the teams run efficiently and effectively and to make strategic decisions as the firm continues to grow. She expects that organizing the team of managers and partners will improve efficiency in the department’s administrative work and in the quality of service for clients.

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