Government Accounting


The Governmental Accounting Standards Board (GASB) issued an exposure draft, Sales and Pledges of Receivables and Future Revenues, that would establish criteria for governments to determine whether the proceeds from certain transactions—such as the sale of delinquent taxes, specific mortgages, student loans or upcoming payments from tobacco liability settlements—should be reported as revenue from a sale or as collateralized borrowing resulting in a liability ( www.gasb.org/exp/ed_sales&pledges.pdf ). Comments are due December 30, 2005.

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Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

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