Many business owners see their leases --everything from buildings to copy machines-- as just that --a lease. But what they aren't used to seeing are those leases showing up on their balance sheets. If you have a long-term lease of any kind, you'll need to understand the new lease accounting standard, also known as, Accounting Standards Update 2016-02 or Leases (Topic 842). For non-public entities, this standard is set to take affect for fiscal years beginning after December 15, 2019.
Topics: Business Planning & Operations
The IRS has increased the 2018–2019 per diem rates for substantiating employee business expenses under IRC Sec. 274(d) for lodging, meals, and incidental expenses incurred while traveling away from home.