Article Library

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

  • A New Gift from the Tax Cuts and Jobs Act

    A new deduction under the TCJA (Tax Cuts and Jobs Act) gives a break to noncorporate owners of pass-through entities on a portion of their qualified business income. The deduction can reach as much as 20% of qualified business income, though a wage limit does phase in. Generally, this deduction is available to sole proprietorships, partnerships, S corporations, and limited liability companies (LLCs).

  • Peer Review for CPAs Serving Insurers: Compliance or Opportunity?

    What is the mark of a good peer review? Is it delivering a “Pass” without exceptions? Is it guaranteeing a conflict-free process for the firm? When we review fellow insurance CPA firms, neither of these play into our metrics for success. Rather, our goal is to help our colleagues resolve struggles they’re experiencing so they can perform higher-quality audits. And we take great pride in finding these solutions. We know our colleagues have a desire to perform top-notch audits, so instead of a quick fix, we always strive to find and help implement the permanent fixes that will serve them well into the future. We recently asked JLK Rosenberger partner James Dougherty, CPA, CGMA what he enjoys about performing peer reviews. He said, “I like to get to know the firm and their desire to do things correctly and know that we made a difference.”

  • Avoiding Payroll Tax Penalties

    One of the most crucial parts of payroll in a small company is remitting taxes on time. Often, when considering the importance of payroll, withholding comes to mind. Especially this year, as the IRS has released new tables under the Tax Cuts and Jobs Act. However, if taxes are not remitted to the federal government on schedule, harsh personal penalties can be incurred.

  • Is Hedge Accounting Right For You? Simplification in Policy May Lead You To Reconsider

    Recent changes are coming for hedge accounting that will likely have a positive impact on your company’s hedging strategies. Currently, hedge accounting is very complex, and many companies avoid using it to avoid errors and misstatements. This could change, as hedge accounting has been simplified under The Accounting Standards Update ((ASU) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities).

  • The U.S. Supreme Court Has Spoken: Physical Presence No Longer a Requirement to Assess Sales Tax

    On June 21st, the U.S. Supreme Court reversed the long-standing Quill v. North Dakota ruling when it stated that physical presence is no longer a requirement for states to assess sales taxes. In this landmark court case, South Dakota v. Wayfair, the State argued that the physical presence requirement was creating “unfair and unjust” market conditions favoring out-of-state sellers and resulting in significant revenue losses to the States.

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