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Learn about the most recent accounting and regulatory updates and their potential impact on clients, prospects and others:

  • TCJA Depreciation Bonuses

    The depreciation period for commercial buildings and improvements is generally 39 years. During this period part of the cost can be depreciated each year. However, new tax breaks allow deductions to be taken more quickly are available for certain real estate investments. The Tax Cuts and Jobs Act (TCJA) has enhanced many of these new breaks and can lead to a bigger benefit when filing for your 2018 tax return. However, a drafting error in the TCJA has prevented the use of a couple of these breaks.

  • Implementing the New Revenue Recognition Standard

    Beginning in 2019, private companies following U.S. Generally Accepted Accounting Principles (GAAP) must comply with the new revenue recognition standard. Meeting the requirements for these standards requires a great deal of work, so if you haven’t started implementing them, now is the time to do so.

  • California Out-of-State Voluntary Disclosure Program

    Since the Supreme Court issued the Wayfair v South Dakota ruling, states across the country have been adjusting their sales and use tax collection rules to mirror South Dakota’s. This has created numerous compliance challenges for impacted companies because many are now required to charge, collect and remit sales tax on customers in various states. What makes this more difficult is while many states have similar regulations, there are some important differences that need to be adhered to in the calculation and collection of taxes.

  • Practical Details of the 20% 199A Deduction

    The Republican tax plan that was passed at the end of 2017 altered many well-established tax provisions for C corporations, flow-through entities and sole proprietorships alike. This tax reform bill, now called the Tax Cuts and Jobs Act (TCJA), changed a few guidelines for non-corporate entities when it added Section 199A into the tax code.

  • Profits vs. Cash Flow

    Your income statement includes factors other than working capital that illustrate profit as well. Depreciation and amortization are non-cash expenses that are included on the statement. It is also significant that the income statement excludes fixed assets, bank financing and owner’s’ capital accounts; each factors that affect cash on hand.

  • It’s Not Too Late to Deduct 2018 Bonuses

    Now that 2018 has drawn to a close, the options for reducing your tax liability are slim. One option that is still available to reduce liability is to pay 2018 employee bonuses now and deduct them on your 2018 tax return. Often, businesses can deduct bonuses earned by employees if they are paid within 2 ½ months after the end of the tax year (March 15 for a calendar year company).

  • Welcoming VIE Policy Updates

    Reading time: 1 minute 50 seconds Private companies have recently been given relief from the consolidation of variable interest entities (VIEs). This change by the Financial Accounting Standards Board (FASB) has been long awaited, as VIEs are one of the … Continued

  • TCJA Changes for 2018 Tax Filing

    The Tax Cuts and Jobs Act (TCJA) has been the biggest shift in tax law in decades, and these changes mostly began in 2018. We are nearing 2018 tax filing season, and because of TCJA changes, this years tax season calls for special attention to policies that may have changed the amount businesses owe.

  • Preparing for a Merger Audit

    Merging with another company is a process that should begin with audited financial statements reflecting the results and financial position of the combined entity. Preparing these statements requires close communication between in-house accounting personnel and an external audit team for both companies. Connection between entities and auditors is key to a smooth transition.

  • Boost External Audit Efficiency

    External audits are a powerful tool that provide lenders and investors confidence that the financial statements of a business are free from material misstatements and are prepared in compliance with the U.S. Generally Accepted Accounting Principles (GAAP). Some companies are required to use external audits, but all companies can benefit from them.

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