The Marketplace Fairness Act, poised to pass the Senate, would add tax-collecting responsibilities for CFOs at online retailers that make more than $1 million in remote sales. The bill could be burdensome to smaller companies because they would have to make significant accommodations in back-office systems and operations.
Jack Ma founded Chinese e-commerce company Alibaba Group Holding in 1999 and has run it ever since, building it into a global conglomerate. He is stepping down this month. The reason, or at least one of them? At 48, he says he is "a bit old for the Internet."
The Financial Accounting Standards Board and the International Accounting Standards Board will soon release a lease-accounting proposal for public comment, FASB Chairwoman Leslie Seidman says. The proposal would give companies two ways to record lease expenses. There are concerns that costs related to evaluating leases and the rule's complexity would not provide a clear picture of leasing obligations.