The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

IRS Releases Draft of New Form 1099-DA

By ANGELA A. LAWRENCE

In mid-April 2024, the IRS released a draft of the new information return that will be used for reporting digital asset transactions and furnished by brokers. The 2025 Form 1099-DA is expected to be included on federal tax returns when taxpayers answer “yes” to the digital asset question that concerns receiving, selling, exchanging, or disposing of digital assets or financial interest in a digital asset during the relevant tax year. Examples of digital assets include cryptocurrencies, stablecoins, and non-fungible tokens.

Annual Report Requirement Coming to Pennsylvania

By ANGELA LAWRENCE

In November 2022, when Pennsylvania Governor Wolf signed into law Act 122 of 2022, it established a new annual report requirement for domestic and foreign filing associations, repealing the previous decennial report requirement.

New Standard for Nonprofit Reporting of Contributed Nonfinancial Assets

By CHRISTOPHER S. MAYNARD

In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.  The new standard is now in effect for annual periods beginning after June 15, 2021, and interim periods within fiscal years beginning after June 15, 2022.

The New Lease Accounting Standard Deadline is Approaching – Is Your Business Ready?

By BRUCE S. LUDLOW

Businesses will see their leases in a whole new light as they begin implementing the Financial Accounting Standards Board’s (FASB’s) new lease reporting standards. As was revealed in early 2016, the FASB will soon require almost all for-profit and nonprofit entities to start recording leases on their balance sheets and statements of financial position.

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