The Progressive Accountant

The Progressive Accountant

AICPA Issues Rev Rec Drafts

AICPAThe Financial Reporting Executive Committee of the American Institute of CPAs has issued seven working drafts regarding upcoming changes to revenue recognition standards. The drafts, related to the implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, are for asset management, gaming, software and telecommunications.

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Sage Launches Cloud NFP Software

Sage has introduced a nonprofit package for its online Live platform. The new product, Sage Live Nonprofit, has been launched on the Salesforce AppExchange.The new module will integrate with the Salesforce Nonprofit Starter Pack and is available in the United States and United Kingdom with introduction into other countries to follow.

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Former Revenue Officer Pleads to Tax Evasion

dojA former revenue officer of the Internal Revenue Service and tax preparer has pleaded guilty to one count of tax evasion and one count of corruptly endeavoring to impede the due administration of the internal revenue. Greensboro, N.C. resident, Henti Lucian Baird, age 60, admitted he filed returns but had not paid self-assessed taxes since at least 1998 while operating his own business.

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