Category: Accounting & Finance

Revenue Recognition – Real Life Impacts

Accounting for revenues and the associated direct costs has caused global sweeping changes recently.  While the underlying concepts are not entirely new, the changes are having larger impacts on certain industries and are causing other companies to rethink how they do business. U.S. public...


Treasury Releases Proposed Regs on New GILTI Tax Provisions

In mid-September, the Treasury Department and IRS released proposed regulations on the treatment of Global Intangible Low-Taxed Income (GILTI).  The GILTI rules were created by the Tax Cuts and Jobs Act (TCJA) and operate as a worldwide backstop to the territorial-style rules adopted by the tax...


15 CPA Exam Success Tips from Your Accounting Peers

Preparing for the CPA Exam can feel like a fulltime job. In the midst of managing your personal and professional lives, you still need to find time to complete all of those MCQs and flashcards! Luckily, your accounting peers are happy to offer some assistance. Our social media community recently...


How Becker Is Tackling the 2019 REG Changes

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. If you’re planning to take REG in 2019, you need to know the ins-and-outs of the specific changes and how Becker has already revised content to keep you up-to-speed...


2019 CPA Exam Score Release Dates Are Here!

The American Institute of Certified Public Accountants (AICPA) has officially announced next year’s CPA Exam score release timetable. If you want to receive your scores at a specific time, you should plan to take the exam within the specified testing window. Q1 If you take your Exam on or...


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....


Our CPA Exam Story: Husband and Wife Duo Follow Different Paths for their CPA Journey

Ben Angelo and his wife, Tina, both have a passion for accounting and knew that becoming CPAs would bring plenty of opportunities to their family. Despite their similar goals, their approaches to studying for the CPA exam were very different. Read more about Ben and Tina’s CPA study journeys...


GAO Issues Revised Yellow Book Standards…Finally!!!

Revised standards issued July 17, 2018 by the U.S. Government Accountability Office (GAO) are designed to provide a framework for high-quality governmental audits, which include audits of government entities and entities receiving government awards. Also known as the “Yellow Book,” the...


The New Limitation on Interest Expense

In April 2018, the Treasury Department and IRS issued Notice 2018-28, which provides guidance to taxpayers for complying with the new rules under section 163(j) that limit deductions for interest expense. Notice 2018-28 (the Notice) states that the Treasury Department and IRS will be issuing...


New Definition of a Business

ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business revised the definition of a business, which will reduce the number of transactions that are accounted for as “business combinations” versus “asset acquisitions”. The following are two very important...


Decoding the Alphabet Soup of Tax Reform

Did you know the TCJA imposes a GILTI tax, allows a FDII deduction, and has introduced a new BEAT? If you are practicing in the post-tax reform era, you’ve probably heard the new lingo, but may still be trying to understand what it all means. The TCJA (Tax Cuts and Jobs Act) has introduced the...


Court Ruling Gives Surprise Twist to Meaning of Tax Home

If a new Tax Court ruling is correct, it means that a tax return I recently prepared is not correct. The issue for the taxpayer in this case, and for my client, is whether or not they are allowed to deduct “away from home“ expenses under code section 162 (a)(2). Those expenses must be incurred...


View the Latest Becker CPA Exam Review Course & Software Updates

At Becker Professional Education, we’re constantly working to improve and deliver you the best possible preparation for the CPA Exam. Check out the latest exciting updates to our course and software below! 50 New SkillMaster Videos In our SkillMaster Videos, our expert instructors walk you through...