Author: Editor

The American Institute of CPAs has sent a letter to officials at the Treasury Department and the Internal Revenue Service asking for immediate guidance on a provision of the One Big Beautiful Bill Act allowing companies to fully deduct their domestic research costs this year.The guidance would allow eligible small business taxpayers to immediately deduct domestic research costs on their originally filed 2024 federal income tax returns instead of being required to capitalize those amounts.The AICPA contended that the issue requires immediate consideration as many eligible taxpayers haven’t filed their income tax returns for the 2024 income tax filing period…

E.l.f. Beauty’s profits fell 30% in its fiscal first quarter as new tariffs on Chinese imports begin to impact the cosmetic company’s bottom line.In the three months ended June 30, E.l.f.’s net income fell to $33.3 million, down 30% from $47.6 million a year ago. The company, which sources about 75% of its products from China, also declined to provide a full-year revenue guide, citing the “wide range of potential outcomes” related to the new duties. Instead, the company only issued guidance for the first half of the fiscal year. E.l.f. said it’s expecting sales growth to be above 9% in…

Bloomberg Tax and Accounting launched an embedded solution to help users adhere to the FASB Accounting Standards Update (ASU 2023-09) that concerns income tax disclosures. In general, the amendment requires that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). Entities must do so via a tabular reconciliation, using both percentages…