Kevin McGarry

Digital Product Sales Tax Enacted

by Kevin McGarry 4. August 2016 09:11
Residents of Pennsylvania are now subject to a six percent sales tax on digital products as defined under Act 84 of 2016. Digital products, as it pertains to this tax, include “any product transferred electronically to a customer by download, streaming, or through other electronic means”... [More]
Categories: Tax

The U.S. Still Far From Using IFRS

by Kevin McGarry 13. September 2012 10:12
In July 2012, the SEC issued a report describing the issues that the U.S. would face if they got rid of U.S. GAAP. Regulators said they needed to do additional research before revisiting the controversial subject. One of the main drawbacks and hold ups from the U.S. moving towards IFRS is the sheer... [More]
Categories: Tax

Private Company Audit Standards - Finally a Resolution?

by Kevin McGarry 2. August 2012 11:30
There are many stakeholders in the decade-long debate over financial reporting standards for privately held companies, including lenders, assurers, venture capitalists and the companies themselves. Now, a recently enacted measure may be bringing the debate to conclusion.   Currently, private ... [More]
Categories: Assurance

Hiring in PA? Great! (but avoid this common compliance issue)

by Kevin McGarry 29. June 2012 09:23
  In 1997, the Commonwealth of Pennsylvania enacted Act 58, requiring all employers to report information on the employees they hired.  This legislation was created to assist The Commonwealth to locate parents who were not making their child support payments.  This system also assist... [More]
Categories: Advisory

Updated Fee Disclosures - ERISA 408(b)(2)

by Kevin McGarry 21. June 2012 11:35
Effective July 1, 2012, there will be new ERISA 408(b)(2) disclosure rules. The regulation is intended to help plan sponsors/fiduciaries understand the administrative and investment costs being paid from their plan’s assets. Individual plan holders should have received information directly fro... [More]
Categories: Advisory

FASB Plans To Save Some Time and $$

by Kevin McGarry 15. February 2012 16:00
  FASB is listening to its constituents. In response to feedback from respondents, FASB has put forth a proposal intended to reduce costs and simplify the guidance for testing indefinite-lived intangible assets, other than goodwill for impairment. Currently under Topic 350, Intangibles-Goodwi... [More]
Categories: Tax