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From the Headlines to your Bottom Line

U.S. Treasury to Retire the myRA Program

It's only a few years old, but the "my Retirement Account" (myRA) program, is going away. These accounts were intended to encourage taxpayers to start saving for retirement, but too few people took advantage of the program to justify the taxpayer cost. As part of a plan by the Trump administration to assess and eliminate ineffective programs, myRAs will soon be phased out. Here's information for accountholders about the future of myRAs.
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Business ID Theft: Is Your Data at Risk?

Cyberattacks against individual taxpayers are down, thanks to security measures set forth by federal and state tax agencies. But thefts of business data are rising, and the costs of these breaches can be significant. Here's more on this trend, along with simple, but effective, ways businesses can help minimize the risk of tax-related identity theft.
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Revenue Recognition for Contracts: Changes Coming Soon

Revenue is the top line of your company's income statement. It helps management, investors and lenders assess your company's growth prospects, financial strength and strategic direction. The accounting rules for recognizing contract revenue will be changing for annual reporting periods starting in 2018 for public companies and 2019 for private companies. These sweeping changes will affect the timing of revenue recognition and the details you must disclose.
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How We Add Up

"Our clients rely on Fust Charles Chambers to provide innovative thinking by anticipating changes in tax laws, accounting methods and industry and economic trends. At other times, our clients depend on us to act as a sounding board for their ideas and concerns. We’re proud to be part of our clients’ team with the purpose of assisting them in attaining their goals and objectives."

- Joseph L. Charles, Partner