2019 Year-End Tax Planning for Individuals & Businesses

INDIVIDUALS: As the end of 2019 approaches, more and more information and guidance is released by the IRS relating to the Tax Cuts and Jobs Act, as well as guidance relating to a number of different areas not impacted by the landmark tax reform act. While one of the claimed benefits of tax reform was […] Read more »

The Importance of Internal Controls for Nonprofits

Most nonprofits know that proper internal controls are essential to protect their organizations against fraud, embezzlement and inaccurate financial reporting. The difficulty with implementing a plan to safeguard an organization often lies with limitations on budget and staff to properly set effective financial controls and separation of duties. So where do you start? No matter […] Read more »

The Top 4 IRS Income Tax Credits for 2020

One of the advantages of someone running their own business is hiring family members. But when including family members in business operations, certain tax treatments and employment tax rules apply. Here are some facts to know when working with a spouse, parent or child. Both spouses carrying on the trade or business If spouses carry […] Read more »

IRS Announces Tax Inflation Adjustments for 2020

The Internal Revenue Service has announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The Internal Revenue Service has announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, […] Read more »

2019-2020 Per Diem Rates Released for Business Travel

The IRS has released the 2019-2020 special per diem rates. Taxpayers use the per diem rates to substantiate certain business expenses incurred while traveling away from home for the period October 1, 2019, to September 30, 2020. Notice 2018-77, I.R.B. 2018-42, 601, is superseded. Transportation Industry M&IE RatesThe special meal and incidental expenses (M&IE) rates […] Read more »

2018 Year-End Tax Planning for Individuals and Businesses

  INDIVIDUALS: Year-end 2018 sees the end of the first year of the Tax Cuts and Jobs Act (TCJA), the most significant tax legislation in the Unites States in more than 30 years. While one of the claimed benefits of tax reform was the simplification of filing and the lowering if income tax rates, there […] Read more »

2017 Tax Law Updates for Individuals & Businesses

The H.R. 1, known as the Tax Cuts and Jobs Act, which makes widespread changes to the Internal Revenue Code, has been signed into law on December 22nd, 2017. Most of its provisions, including a lower corporate tax rate of 21% and lower individual income tax rates, go into effect January 1, 2018. As we […] Read more »

Accounting Updates: Presentation of Financial Statements of Nonprofit Entities

The FASB recently released Accounting Standard update (ASU 2016-14) to improve the way not-for-profit or nonprofit entities present their financial information. This is the first major change to the nonprofit financial statement model in over 20 years. ASU 2016-14 impacts all not-for-profit entities in the scope of Topic 958, as well as health care entities […] Read more »

2016 Tax Filing Kicks off:

The Internal Revenue Service (IRS) said that it successfully started accepting and processing 2016 federal individual income tax returns on schedule effective January 23rd, 2017. More than 153 million returns are expected to be filed this year. People have until Tuesday, April 18, 2017 to file their 2016 returns and pay any taxes due. Taxpayers […] Read more »

Accounting Updates: Revenue Recognition for Contract with Customers

Financial Accounting Standard Board (FASB) provides Technical Accounting corrections and improvements to Revenue recognition with regards to topic 606, which provides guidance on Revenue from Contracts with Customers.  This standard affects all entities, including public, private, and non-profit, having contracts customers, with the exceptions of certain items, including “Leases” accounted for under “FASB ASC 840”, […] Read more »