There’s been a lot of talk about the new tax law changes imposed under the Tax Cuts and Job’s Act (TCJA) Trump signed into office last year and rightfully so, considering it’s the largest tax reform signed into law since 1986. The most notable change for businesses was the...
Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, the safer your workplace, the less likely you’ll be to incur costly claims and high workers’...
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, you should be aware of which assets you...
Companies will be able to capitalize or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting Principles (GAAP).
Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with the U.S. Generally Accepted Accounting Principles (GAAP). Starting this tax year, the Tax Cuts and Jobs Act (TCJA) has increased the threshold for...
Strategic planning is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Unfortunately, businesses often don’t accomplish their overall strategic plans because they’re unable to fully reach the various goals necessary to get there. If this scenario sounds all too...
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17th. If you don’t have an employer withholding...
Effective for your fiscal years beginning after December 15, 2018, all non-public entities will need to implement the new revenue recognition standards as outlined in Accounting Standards Update 2014-09 Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). The standard requires all companies to take a look at their...
Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health. What’s undisclosed could be just as significant as the disclosures. Here’s how a CPA can help stakeholders identify unrecorded items either through external auditing procedures or by...
Global Intangible Low-Tax Income – Working Example. Executive Summary Does your Corporation own greater than 50% of a business established in a foreign country? Beginning January 1, 2018, US entities will be subject to a tax on Global Intangible Low-Tax Income (GILTI) of their subsidiary controlled foreign corporations (CFC). The...
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