ASC 606 is an accounting regulation that concerns revenue recognition. It may be the biggest accounting change in decades for many companies. The regulation was drafted by the Financial Accounting Standards Board in 2014, but will only begin to take effect for most companies this year. It is designed to standardize the way that companies recognize revenue, but, as noted in this Forbes article by Tien Tzuo, that standardization may come with a hefty price tag for additional accounting practices and software which track and recognize said income.
If the term "tax season" makes you gloss over, you're not alone. Paperwork doesn't keep the lights on. It does, however, keep the IRS out. Here's what you need to know about 1099 tax forms for 2018 filing:
The Simplified Employee Pension IRA can be an important benefit in your tax arsenal if you are an employer and a great retirement plan if you are an employee or self-employed. Here are some of the most crucial facts about the SEP IRA, based on the IRS Tax Code and this article by Selena Maranjian.
A 529 plan is used to save for college. It provides tax advantages so that people are encouraged to save for their (and their children's) future.
Any taxpayer in the United States can start a 529 plan. You can set up as many plans as you want. Many parents start a 529 plan for each of their children. Since it is your plan, you will be in charge of it until you withdraw it, allowing you to determine how it is used.