Technology and Health & Life Sciences
Considerations for Tech Entrepreneurs
So, you are starting a new technology or bio science company, and don’t know what type of business entity to use. Unless you are a serial entrepreneur, this might be an overlooked and frustrating task. However, the decision you make today will have a long-term effect on your business, and is critical to consider early on in forming your business. Selecting the right business legal entity in the technology space will be valuable in helping you achieve your goals. Considerations that you may not have thought about include the impact of tax implications the entity you select will have on. Read More.
IRS to Review Tax-Exempt Meals at Companies
Listed as an administrative priority for the Treasury Department’s fiscal year, the Internal Revenue Service (“IRS”) is evaluating its rules surrounding company tax exemptions for free meals. Currently, companies qualify for the exemption if, as stated by the IRS, their workers cannot “otherwise eat proper meals within a reasonable period of time” and provide food “for the convenience of the employer.” If the IRS begins taxing such meals, company-provided breakfasts and dinners could be affected the most. While the effort is in its initial stages, a spokeswoman for the Treasury Department noted that the goal is essentially to offer additional. Read More.
Colleges More Prone to Cybersecurity Breaches
With colleges and universities preparing for the new academic year, a recent report by BitSight Technology suggests some institutions are not prepared for potential cybersecurity threats. Tracking each college within the major athletic conferences over a one-year period, BitSight discovered that all conferences had a major decline in security performance. Specifically, the report noted that security defenses at colleges become weaker throughout the year due to more students and devices connected to campus networks, making malware infections a major threat. As a result, hackers are more likely to steal students’ and faculty members’ personal information. For the complete article , visit the. Read More.
FASB Proposes Additional Guidance to Cloud Service Providers on Customer Fees
Expected to simplify accounting for a customer’s fees paid in a cloud computing arrangement, Accounting Standards Update (ASU), Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement has been issued by the Financial Accounting Standards Board (“FASB”). The proposal is in response to the lack of accounting guidance for cloud service providers regarding the fees paid by a customer. Stakeholders claim this has resulted in confusion and unnecessary cost when accounting for such fees. The proposed guidance would help customers decide whether a cloud computing arrangement contains a software. Read More.
Participants Wanted for SASB’s Consumption Sector Project
Continuing its efforts to create sustainability accounting standards for over 80 industries and ten sectors, the Sustainability Accounting Standards Board (“SASB”) is looking for experts to help its Industry Working Groups (IWGs) for the consumption sector. Seeking individuals knowledgeable in areas like market participants, corporations and industry associations, and other stakeholders, participants will provide feedback on disclosure items regarding material sustainability for the consumption industries. The consumption sector project is divided into two segments. Starting August 6th, the Consumption I IWG features industries producing items such as meat, poultry, agricultural products and beverages. On October 29th, the Consumption II IWG will include industries like. Read More.
Senators Propose Merging Internet Tax Bills
With the House of Representatives recent passing a permanent extension of the Internet Tax Freedom Act, a group of Senate Democrats are moving forward with their 10-year extension proposal to merge the bill with the Marketplace Fairness Act. If successful, the proposal would unite a bill that gives states power to charge sales tax on online purchases with the bill prohibiting states from imposing taxes on Internet access. Although a vote could occur as early as this week, several lawmakers have little interest in the proposal. Visit The Hill for the complete story. Visit our website to find out more about our. Read More.