In “Tax Season Kicks Off” (Jan. 10, page 32), the section on “Business Relief” misstated the amount of new or used tangible personal property placed in service during the tax year that was eligible for expensing under section 179 in 2008. The correct amount is $250,000, the same as in tax year 2009. The JofA regrets the error.
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Getting leases in lineASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.