More than one year since the enactment of The Tax Cuts and Jobs Act (TCJA), Congress must act to clarify certain areas of the tax code. In this case, a drafting error omitted qualified investment property (QIP) as being eligible for bonus depreciation.
The Wayfair decision will have an impact on every nonprofit organization across the U.S., ranging from increased costs for services to a greater need for due diligence. Though nonprofits are exempt from paying sales tax on goods used in their operations, they may now have to collect taxes on goods and services sold to the organization’s target customers.
For years we have been hearing about major internet fraud schemes. The question is, are you taking some simple steps to protect yourself? Security breaches are not going away anytime soon, so it’s critical that you take some measures to secure your finances.
It’s not too late for private companies to get set for the new revenue recognition standards. The FASB’s guidance is effective in 2019 for annual reporting periods, and in 2020 for interim periods. While this gives private companies a bit more time before they have to report under the new standard, the time to act is now.
Due to the lapse in appropriations that began midnight December 22, 2018, the federal government is in its third week of a partial shutdown, which includes much of the Internal Revenue Service. While we expect the IRS to be handling some matters and investigations, there are many more visible functions that are generally suspended during the closure.
A new year presents a fresh opportunity to take stock of the financial condition of your medical business. Given the demands on your time and evolving healthcare regulations, it is understandable if you have some catching up to do.
A taxpayer-friendly provision included in the tax reform package allows bonus depreciation to expand to 100 percent for qualified property placed into service after Sept. 27, 2017, and before Jan. 1, 2023.
Every independent business owner wants to reduce their taxes by taking advantage of allowed business deductions. However, just how much taxpayers take advantage of such deductions has caught the attention of the IRS. If you file a Schedule C for income and related business deductions, it’s important to understand what the IRS is watching for.
California and DC recently joined 34 other states and passed legislation which will now require out-of-state retailers to collect and remit sales tax if the sales or the number of transactions in the states exceed certain thresholds in the preceding…
There has been much discussion among trade and news editors about rising interest rates and their effect on a number of industries. However, when it comes to the commercial real estate and construction industry, there could be a greater disruptor—tariffs….