On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses… Read More
Blog
Is a New Individual Health Plan in Your Future?
First the old news: Under the Affordable Care Act (ACA), employers with at least 50 employees (or full-time equivalents) are required to provide health benefits and pay for a good portion of the cost. And many smaller employers that aren’t… Read More
Businesses Can Utilize the Same Information IRS Auditors Use to Examine Tax Returns
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and… Read More
Update on the New Business Interest Expense Limitation
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. The business interest expense limitation is a permanent change for tax years… Read More
Turbocharge Tax Deductions with Bonus Depreciation and SEC. 179
Don’t put off until tomorrow what you can do today,” Benjamin Franklin once advised. This timeless wisdom applies in many business scenarios, from taking advantage of growth opportunities to claiming tax deductions. In general, business owners should jump on tax-saving… Read More
Billing Requirements in Federal Contracts: Are You Compliant?
Are you compliant with your billing requirements under your U.S. government cost-reimbursable contracts? Federal Acquisition Regulations (FARs) provide for inclusion of the contract clause in FAR 52.216-7, entitled Allowable Cost and Payment, in cost-reimbursement contracts. This clause provides for the… Read More
Pass-Through Charges
Do you subcontract a large portion of your U.S. government contract work to outside organizations or individuals? If so, you may be found to have incurred excessive pass-through charges, which could affect your recovery of a portion of your costs… Read More
Tips for Picking the Right Nursing Home Facility
Do you have a loved one — perhaps an elderly father or mother — who may soon need extended nursing care? Moving a relative into a long-term care facility can be a costly proposition. But there’s more to consider than… Read More
It’s a Good Time to Buy Business Equipment and Other Depreciable Property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets instead of taking depreciation deductions over time. And it… Read More
Midyear Tax Planning Ideas for Individuals
The summer months are a good time to brainstorm tax planning strategies. Some ideas will help cut your tax bill for the current year; others will allow you to minimize future taxes. Here are various short- and long-term strategies to… Read More