As we are wrapping up the 2019 year, we want to think about things we can do to minimize tax liability on trusts and estates. This article outlines the changes in trust and estate taxation for 2020 as well as… Read More
Year-End Tax Planning
The end of the year is approaching fast and that means it is time to take advantage of year-end tax planning. With the tax law changes from the Tax Cuts and Jobs Act (TCJA) being in effect for a full… Read More
Revenue Recognition Changes: Standardizing Can be a Good Thing
The new revenue recognition standard for contracts with customers, ASC 606, is now in effect for all nonprofits. Although the updated guidelines apply to all entities and not just nonprofits, this article will largely focus on the effect on different… Read More
Check Out These Improvements! New Rules For Deducting The Costs of Business Property.
The 2017 Tax Cuts and Jobs Act enhanced federal tax deductions for the purchase or improvement of certain assets used in a business. This article discusses changes to bonus depreciation and Section 179 asset expensing, as well as a refresher… Read More
Spousal IRA
An individual retirement account (IRA) provides an excellent opportunity to invest for the future. There are limitations surrounding the amount you can contribute to an IRA, including special rules that apply to married taxpayers! The amounts earned in a traditional… Read More
Advisory Services: Improving Internal Control Processes
Internal controls play an essential role in the operations of an entity and in preventing and detecting fraud. These controls should be properly documented and regularly evaluated to ensure that they are operating effectively. As part of our advisory services… Read More
Materially Participate to Avoid being a PAL to the IRS
Large losses may not be considered deductible in the current year, depending on if the losses stem from passive activities. A passive activity is any activity where the taxpayer does not materially participate, such as a rental activity or owning… Read More
Implementation of ASUs: Leases and Revenue Recognition
Understanding the effects of Accounting Standard Updates (“ASUs”) on your organization can be a daunting and complex task. The requirements for implementation may seem intimidating, but we offer advisory services in the arena of technical accounting to determine the best… Read More
Business owners: Want to deduct 20% of company income?
Do you own a business organized as an LLC, sole proprietorship, partnership, S corporation, or any structure other than a C corporation? If so, you may be able to claim a tax deduction of up to 20% of the business’s… Read More
Beware of the Interest-Free Loan
Did you know that interest-free loans of money to your friends and family can be considered a taxable gift for federal gift tax purposes? This article will help you understand the circumstances under which such gift treatment might occur. In… Read More
