As discussed on the Journal of Accountancy’s website, the road to converging the United States and International accounting standards continues to be long and winding; however, a large accomplishment was reached this week when an agreement was attained on revenue recognition. It has taken 6 years to do this! This new standard will not only […]
Archives for May 2014
The Importance of Cost Basis
It is important to obtain and retain cost basis for sales on investments and securities. The IRS has the right to and will tax the full sales amount if a basis is not provided. Typically, the cost basis will be noted on the 1099 you receive from your brokerage firm; however, if it is not […]