There had been some concern that tax reform would include the elimination of tax-deferred like-kind exchanges. The good news is that the TCJA still generally allows them for real estate. But there are limits you need to be aware of.
Setting the “materiality” threshold is key when auditing or reviewing financial statements. But no universal materiality level works for all companies, accounts or transactions.
Does the April 17 filing deadline apply to your company? What additional tax deadlines are there for businesses and other employers during the second quarter of 2018? Find out!
Here Are Some Options http://bit.ly/2GBtHoi
Classifying shareholder advances is one of the gray areas in financial reporting. When deciding whether to report advances as debt or equity, ask yourself the following questions: Does management intend to repay the loan? Can the company realistically repay it?…
Repairs businesses made to tangible property (such as buildings, machinery, equipment or vehicles) last year generally can be immediately expensed and fully deducted on 2017 income tax returns. But costs incurred last year to improve such property must be depreciated…
The federal income tax filing deadline for calendar-year partnerships, S corporations and LLCs treated as partnerships or S corporations for tax purposes is March 15, about a month earlier than the deadline for personal returns. If you haven’t filed your…
Every business experiences occasional cash shortages. But, if you’re lucky, you may find a hidden pot of gold in your balance sheet using the cash gap. This metric is a function of the timing difference between when companies order materials…
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on not only the amount you give, but also what you give…
The federal income tax filing deadline for calendar-year partnerships, S corporations and LLCs treated as partnerships or S corporations for tax purposes is March 15, about a month earlier than the deadline for personal returns. If you haven’t filed your…