The Tax Cuts and Jobs Act (TCJA) introduced a new deduction for individuals, estates and trusts that own interests in so-called “pass-through” business entities for 2018 through 2025. The deduction can equal up to 20% of an owner’s share of… Read More
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Treatment of Payments to Charitable Entities in Return for Consideration
The IRS has proposed clarifications on how to treat certain contributions made to a charity in return for state and local tax credits. A provision of the Tax Cuts and Jobs Act limits an individual’s deduction for state and local taxes… Read More
Small Businesses: It May Not Be Not Too Late to Cut Your 2019 Taxes
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: 1.) Buying assets. Thinking about purchasing new or used heavy vehicles, heavy… Read More
2020 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to… Read More
Tied Down to Your 401(k) Plan’s Cost? Discover the Alternatives
Before 401(k) plans burst onto the employee benefit scene in the 1980s and traditional pension plans had not yet gone nearly extinct, there were profit-sharing plans. The purpose of these plans, as the name suggests, was to spread some of… Read More
FAQs About Prepaid Expenses
The concept of “matching” is one of the basic principles of accrual-basis accounting. It requires companies to match expenses (efforts) with revenues (accomplishments) whenever it’s reasonable or practical to do so. This concept applies when companies make advance payments for… Read More
Auditing Grant Compliance
Has your organization received any public or private grants to fund its growth? Grants sometimes require an independent audit by a qualified accounting firm. Here’s what grant recipients should know to help facilitate matters and ensure grant compliance at all… Read More
GAAP vs. Tax-Basis: Which Is Right for Your Business?
Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can save time and money for some private companies. Here’s information to help you choose the financial reporting framework that will work for your… Read More
Small Businesses: Stay Clear of a Severe Payroll Tax Penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on… Read More
Manage Your Working Capital More Efficiently
Working capital is the difference between a company’s current assets and current liabilities. For a business to thrive, its working capital must be greater than zero. A positive balance enables the company to meet its short-term cash flow needs and… Read More