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Accounting for cloud computing fees paid by customers became simpler under an Accounting Standards Update. The accounting guidance previously provided by the generally accepted accounting principles (GAAP) didn’t provide the clarity customers desire for accounting for their fees to cloud service providers
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To be deductible expenses, a business expense must be ordinary, necessary and reasonable in amount. The part of that three-pronged test that seems to give taxpayers the biggest problem is the reasonable amount.
accounting, Business, capital, Deductible Expenses, Tax, tax deduction, tax deductions, Tax Savings, Uncategorized
It’s official! The House, Senate, and President passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which includes momentous tax breaks and incentives for taxpayers. Included in this legislation are over 20 vital permanent provisions that will benefit individuals and businesses alike, including a permanent R&D...
If you want your business to grow and remain competitive, a solid financial plan and a well-conceived strategy can mean the difference between boom and bust.
accounting, Audit and Accounting, Business, Cash flow, Entrepreneur, financial statements, growth strategies, Uncategorized
Your company probably offers an array of fringe benefits to its employees, including health insurance and group-term life insurance. While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as long as they are not discriminatory in nature. (If your...
There are instances when you can write off interest on personal loans used for business purposes, such as injecting capital into an S corporation, multi-member LLC, partnership or C corporation. But keep in mind that interest expenses must be classified into one of four categories (see box at the...
accounting, Business, capital, Entrepreneur, Strategy, Tax, tax deduction, tax deductions, Tax Savings, Uncategorized
Did you know that more than half of the small business owners in the United States are at least 50 years old or older? In the U.S. alone there are 28 million small businesses (fewer than 500 employees) and over 22 million self-employed business. According to CNBC surveys, it...
accounting, Audit, Audit and Accounting, Business, Entrepreneur, Organizational Alignment, strategic planning, Strategy, succession, succession planning, Uncategorized
Transfer pricing continues to be one of the most important matters facing multinational companies. The tax situation in any given country can affect whether or not your business sets up facilities or holds intellectual property ownership there. The IRS and numerous tax authorities worldwide are intensifying their focus on...
accounting, Business, International, Manufacturing, multinational, Tax, tax deductions, Tax Savings, Transfer Pricing, Uncategorized
So you’re in the market for a new accountant? Well it’s time to think about the issues important to you and see how the candidates stack up. Choosing the right accountant is important. Besides operational needs, often times they become a trusted advisor you look to during critical times....
Many companies use independent contractors to slash payroll taxes and the high cost of fringe benefits. But using outside workers can result in other problems. It’s no secret that Uncle Sam wages battle with businesses over freelancers. And the situation is getting worse.
accounting, Business, Entrepreneur, independent contractor, Tax, tax deduction, Tax Savings, Uncategorized