Our Blog

Mallory Vincent, CPA, MBA •

FASB ASC Topic 842, Leases, is on the horizon for most non-publicly held companies. The new lessee model under this standard was developed to increase transparency and comparability in financial reporting by requiring balance sheet recognition and note disclosure of certain information about leasing activities. After the FASB delayed the effective date, ASC 842 is now effective for private companies and not-for-profits for fiscal years beginning after December 15, 2021, and for interim periods within fiscal years beginning after December 15, 2022.

​Does this accounting standard affect my company or organization?

Earlier this week, President Biden signed the Inflation Reduction Act, HR 5376, into law. The bill has several significant provisions to raise revenue, but most taxpayers won't see much impact on their annual tax returns.
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Hey NH Nonprofits! Complying with the state’s financial reporting requirements may be getting easier for you.
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Alyssa Hodges, CPA •

Do you have business operations in Vermont? The state has recently made some significant changes in how corporations will be calculating and filing their taxes. These changes will be effective for the tax year beginning on or after January 1, 2023.
 
What’s changing?
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Alyssa Hodges, CPA •

Last week Governor Sununu signed Senate Bill 435 which ends the double apportionment of Net Operating Losses (NOLs). The change goes into effect July 1st, but applies to businesses with tax years ending on or after December 31, 2022.
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