BT Team

In October 2021, the Financial Accounting Standards Board released Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which clarifies how to properly account for deferred revenue in a business combination. This change was a long time coming after opposing views began to debate the proper treatment of deferred revenue after ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (also, ASC 606) went into effect.

Taxpayers with foreign income have additional IRS forms they must complete each tax season to avoid penalties.

You’ve started and grown your business, despite all the hurdles you had to overcome. It may be difficult to think about a time when you will transition out of that business; however, succession planning should start at least five years before you want to leave your company. If you put off your exit strategy until you’re ready to get out, you may seriously limit your options, including who you can sell to, the value you will receive and how successful the transition is.

Over the last few years, American passport holders have been renouncing their citizenship like no other time in history. During the first six months of 2020, almost 6,000 Americans gave up citizenship – a 1210% increase compared to the prior six months, during which only 444 cases were recorded. Before the current pandemic, these numbers had been in decline. This new trend looks to continue into 2021 as many Americans anticipate the impact of President Biden’s proposed tax reform package.