In Case You Missed It (ICYMI)
With advisory, audit, tax, and tech there’s always something new. We’ve created a few important videos on the recent accounting and advisory updates. You can review or learn about them for the first time. Just, you know, In Case You Missed It.
Technology is rapidly changing how we work at BDO. But machines aren’t here to take over. They’re here to augment us. We’re using data analytics and automation to focus more on what matters most …Insights into our clients. A more modern and joyful career.
The Wayfair Decision
South Dakota challenged the application of its sales tax to Wayfair, an online retailer based in another state with customers in South Dakota. The Court ruled in favor of South Dakota but made it clear: complex laws that made interstate commerce a burden would not be valid.
New Lease Accounting Standard
The Financial Accounting Standards Board has changed its guidance on lease accounting. Previously, businesses did not have to include lease obligations for buildings, equipment, and other assets as an expense on the company balance sheet. Now ... they do.
Tax Reform Legislation
The last major tax reform took place in 1986 and, within 20 years of its enactment, resulted in over 15,000 changes made to the tax code. With the new tax reform legislation, it will be interesting to see if the same strategy of making small changes is used – or if we will see another substantial tax reformation in the near future.
Blockchain operates on an open, ledger-based system. Everyone who uses the network is part of authenticating the "blocks." Essentially, blockchain functions as a type of audit that users don't even realize they're conducting.