Do you read the fine print in financial statement footnotes? It’s often worth the effort. Comprehensive disclosures contain a wealth of valuable information and can reveal hidden risk factors, such as unreported or contingent liabilities, related-party transactions, accounting changes (including…
The Tax Cuts and Jobs Act, in addition to generally reducing individual tax rates, eliminates personal exemptions, increases the standard deductions and expands the child credit. For some taxpayers, a higher standard deduction may compensate for lost exemptions and even…
The Tax Cuts and Jobs Act (TCJA) curtails business deductions for meals, entertainment and transportation. Under the TCJA, deductions for business-related entertainment expenses, once 50% deductible, are disallowed. Meal expenses related to business travel are still 50% deductible, but the…
Prior to enactment of the Tax Cuts and Jobs Act (TCJA), a taxpayer could convert a traditional IRA into a Roth IRA, pay tax on the conversion, and then later decide to reconvert the Roth IRA back into a traditional…
The IRS has announced that it will begin accepting 2017 income tax returns on January 29. Filing as close to that date as possible can help protect you from tax identity theft, an all-too-common scam in which thieves file bogus…
How much is your business worth? The answer lies in your financial statements. The balance sheet serves as the basis for the cost approach, though adjustments may be needed to align the book values of assets and liabilities with their…
We would like to remind you January 31, 2018 is the due date for payroll and information returns. Forms W-2 and 1099s are to be distributed to your employees and contractors by this day. These forms along with Form W-3…
Owners of “pass-through” businesses may see some major (albeit temporary) relief under the Tax Cuts and Jobs Act (TCJA) in the form of a new deduction for a portion of qualified business income (QBI). For tax years beginning after Dec….
During your financial statement audit, we assess whether the amounts reported on your income statement capture financial performance during the reporting period. This requires us to focus on three main components: 1) revenue, 2) cost of goods sold, and 3)…
On Friday, December 22, 2017, the Tax Cuts and Jobs Act was signed into law. The following tax law changes are effective for tax years beginning after December 31, 2017, unless otherwise noted. INCOME TAX FOR BUSINESSES There are several…