Month: October 2018

FASB Updates Accounting for Costs of Implementing Cloud-Based Computing Arrangements

ASU 2018-05, Intangibles-Goodwill and Other: Internal-Use Software (Subtopic 350-40) relates to a customer’s accounting for costs incurred in implementing a cloud-based computing arrangement that is considered a service contract versus a software license. Previously issued ASU 2015-05 provided...


Tax Benefits of the Foreign Earned Income Exclusion

Commentary on the Tax Cuts and Jobs Act (TCJA) often focuses on the new territorial tax provision that allows U.S. corporations operating abroad to exempt certain foreign-source income from U.S. taxation, but there has long been a provision available to U.S. individuals working abroad to exempt...


Recent Rulings Affecting the Deductibility of Charitable Contributions

Years ago my wife, kids, and I would staff a Salvation Army kettle outside a Target store during the holiday season. In those days if you put money in the pot you got a deduction.  Now it is not as easy. This article explores some of the recent rulings that impact the deductibility of charitable...


10 Motivational Tips from Top Scorers on the CPA Exam

With the everyday stress of school, work, and personal commitments, it’s difficult to get motivated to study for the CPA exam. The good news is, you’re not alone! Even the highest CPA test scorers struggled with finding time to study. Elijah Watt Sells Awards winners have passed all four...


Should I Sit for REG in 2018 or 2019?

I know what you’re thinking – why should I care about the Regulation Exam changes? Will they really affect how I prepare? The answer is a resounding “yes”! As covered in our last Becker Pinnacle article, the REG Exam changes are so significant that they change the material that you cover in...


Which Sections of the Regulation Exam Are Changing with TCJA?

The 2017 Tax Cuts and Jobs Act (TCJA) will have a major impact on the Regulation section of the CPA exam, starting in January 2019. December 10, 2018 is the last day the REG Exam will be administered without content related to the TCJA. If you’re planning to wait to take the REG section of the...


New Lease Accounting Standards Released Related to Topic 842

Two new accounting standards impacting the implementation of ASU 2016-02, that created Leases (Topic 842), were recently released.  ASU 2018-11 contains targeted improvements, and ASU 2018-10 contains codification improvements. The codification improvements affect narrow aspects of the lease...


Treasury Issues Guidance on Transition Tax under Section 965

On August 1, the Treasury Department issued proposed regulations relating to the Section 965 transition tax created by the Tax Cuts and Jobs Act (TCJA).  The TCJA changed the way U.S. companies are taxed on their foreign earnings and the transition tax bridges the gap between the old and new rules....