Accounting
Top stories summarized by our editors
8/19/2019

Efforts to get a true picture of the state of US prescription drug spending may be complicated by the use of rebates and discounts. These rebates explain why the Medicare Part D prescription drug program's gross spending on drugs increased much more quickly than its net spending between 2014 and 2016, according to a Government Accountability Office report. Helping clients plan for medical costs in retirement? PFP Section members can use the Retiree's Cost of Care Barometer for in-depth planning.

8/19/2019

Advisers and clients should be aware of the impact of the Tax Cuts and Jobs Act and other issues as they look ahead to the 2020 tax season. This article lists 10 potential trouble spots related to topics such as retirement contribution limits, alimony and medical expense deductions.

8/19/2019

A Parent PLUS Loan is not always the right option for families that are looking to pay for college while prioritizing cash flow and tax efficiency. Parents should approach college funding in the same way they would a major capital purchase and consider tapping into their home equity or life insurance. PFP Section members can use The Adviser's Guide to Education Planning to uncover more strategies for funding college.

8/16/2019

Sales growth at retailers and restaurants during July suggests US consumers remain confident about the economy. Sales increased 0.7%, after climbing 0.3% in June, according to the Commerce Department.

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The Associated Press
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Commerce Department
8/16/2019

A person's phone number might be linked to online and offline activities, and scammers could use the digits to uncover numerous bits of personal information. For this reason, people need to think carefully when giving companies their phone numbers.

8/16/2019

Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging and credit losses under a proposal issued by the Financial Accounting Standards Board.

8/16/2019

State and local governments have received implementation guidance for the Governmental Accounting Standards Board's lease accounting standard.

8/16/2019

Working drafts of accounting issues related to the Financial Accounting Standards Board's new credit losses standard have been issued by the AICPA Financial Reporting Executive Committee.

8/16/2019

The new lease accounting standard has increased WeWork's liabilities by 600% compared with last year, to $17.91 million from $2.88 million, according to the company's initial public offering filing. Under the filing's risk section, the company says "the adoption of ASC 842 had a material impact on our consolidated balance sheet."

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Fortune
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WeWork
8/16/2019

Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the Internal Revenue Service says.

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Internal Revenue Service