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Feb
17
2016

U.S. GAAP Changes to the Recording of Lease Expense

According to the AICPA, there has been widespread concern that the current nature of lease expense is not being accounted for in a way that truly represents the economics behind lease transactions.

On November 11, 2015, the Financial Accounting Standards Board (FASB) finalized a standard for the accounting of lease expenses. On January 12, 2016, the international accounting standards board issued its version for the change to accounting for leases requiring leases to be reported on the balance sheet either as an asset or a liability.

Feb
05
2016

Tax Fraud Safeguards

Despite efforts put in place by the Internal Revenue Service and by the individual states, tax fraud continues to exist and to evolve.  In 2013 alone, the IRS paid out $5.8 billion in fraudulent refunds to identity thieves.  In response to the changing threats of tax fraud the IRS, in cooperation with the individual states and the tax industry as a whole, has taken new steps in 2016 to create a more secure filing season.

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HBL CPAs is a full-service Certified Public Accounting firm based in Tucson, Arizona. HBL has been providing tax services, accounting services, auditing and attestation services, consulting services, and various other services since 1973.

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