It's tax season.
Amid the collective groans from business firms and individuals alike, there are also some new standards that will affect private companies and non-profits with a lot of leased space on the books. The new standards are already in effect for publicly held corporations.
Updated standards were originally timed to become effective in December 2019 for all business entities, but the target date for implementation by private firms is now the first fiscal reporting year after December 15, 2020. Even with the year-long reprieve, the change may well be burdensome, according to some tax accountants.
Affected businesses must treat operating leases as liabilities, according to the Financial Accounting Standards Board (FASB), under the new…