The COVID-19 pandemic has shaken the global economy and drastically altered the way we conduct business. Supply chains worldwide are experiencing considerable disruptions as the U.S. and other countries continue to shut down in an effort to contain the coronavirus…. Read More
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Why Do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which… Read More
Business Vehicle Purchases: What Is Deductible for 2020?
Purchases of new and used business vehicles may qualify for tax breaks under current tax law. If you need a new vehicle to use for business purposes, review these details before you go shopping. Some vehicles may qualify for bigger… Read More
Cares Act Provisions May Boost Cash Flow
The Coronavirus Aid, Relief, and Economic Security (CARES) Act may be best known for its provisions designed to shore up the economy as the nation copes with the COVID-19 pandemic. These include distributing Economic Impact Payments to individuals and offering… Read More
Midyear Tax Planning Ideas for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it’s time to think about your current federal tax situation. Tax planning is especially complicated for 2020. There are a lot of moving… Read More
Reporting Embedded Leases
In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. Updated guidance Accounting Standards Update (ASU)… Read More
Businesses: Get Ready for the New Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new… Read More
Accounting for Cloud Computing Arrangements
The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for… Read More
Tax-Favored QSBC for the COVID-19 Era and Beyond
The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to guard against health risks from COVID-19 and whatever might come along next. The… Read More