The straight line

Domestic Production Activity Deduction Update

The Internal Revenue Service (IRS) issued final rules regarding the domestic production activities deduction 199A(g) (DPAD) Thursday. The IRS has made the decision to not allow the DPAD to apply to non-member-based business. The Office of Information and Regulatory Affairs (OIRA) completed its review of the final regulations under 199A(g) and plan to reveal guidance...

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Payroll Tax Deferral Option for Employers

Under the umbrella of payroll-related provisions providing relief to employers and employees in response to the coronavirus outbreak comes one more – the Presidential Memorandum (Memorandum) on deferring the employee portion of Social Security Tax (released August 8, 2020).   The Treasury and the IRS then issued Notice 2020-65 (the Notice), released August 28, 2020, which...

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FASB Delays – Dennis Gardiner, Managing Partner, CPA

Delayed…..again. On May 20, 2020, the FASB decided to extend the effective date of Topics 606, Revenue from Contracts with Customers (Revenue Recognition), and 842, Leases, for certain entities and has directed the staff to draft a final Accounting Standards Update (ASU) for vote. Revenue RecognitionFASB decided to amend the effective date of Revenue Recognition...

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GASB Update – Elizabeth Thyer, Partner, CPA

The Governmental Accounting Standards Board (GASB) has issued Statement No. 84, Fiduciary Activities and this new standard will be implemented for the fiscal year ending June 30, 2020. This standard changes the definition of a fiduciary activity, establishes criteria for identifying fiduciary activities, and establishes reporting standards for fiduciary activities. One of the major changes...

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DPAD Updates – Robert Bell, CPA, Auditor

Iowa DPAD DeductionThe Tax Cuts and Jobs Act 2017 (TCJA) removed section 199 from the Internal Revenue Code (IRC), which created several unintended consequences. In response, Congress introduced Section §199A(g), which essentially re-instated the federal Domestic Production Activities Deduction (DPAD) deduction. As a result, the State of Iowa announced Tax Reform Guidance regarding the DPAD...

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