How Do You Account For & Recognize Your Revenue?
ASC 606 modified how revenue is to be recognized for GAAP purposes; requiring non-public companies to comply with these provisions in 2020. Any time that there is a change in GAAP reporting, it is important to have a full understanding of the potential for over-arching impacts including tax.
Reviewing contracts with customers and identifying performance obligations as well as the timing of when revenue is earned, received, paid, or recorded for financial statement purposes is determined for ensuring proper compliance with tax provisions. Any changes in methodology as to when revenue is recognized for tax purposes will most likely require additional compliance in the year of change. We can assist in identifying the necessary changes, their impact, any necessary compliance, and how to navigate going forward.
Ensuring compliance with ASC 606 as well as revenue recognition for tax purposes is important. By obtaining the peace of mind that you have it under control as well as identifying what’s the most practical way to incorporate these new changes in your accounting policies and procedures, we can help get you there!
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The Lurie Difference: A Streamlined Process
Lurie’s Specialty Tax Services advisors offer unique tax savings and reduction strategies for businesses and their tax concerns. The team works closely with you and your service partners to provide counsel and execution on matters that extend far beyond compliance. This close collaboration provides not only coordinated, seamless service with specialists who have deep expertise, but also delivers true dollar cost savings. Here is what to expect:
We Examine Your Indicators
Change in how revenue is recognized for GAAP purposes
We Help You Uncover Benefits
Assistance in analyzing and complying tax impacts of the new GAAP standards for revenue recognition
Questions? Let's start a conversation.
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