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Professional athletes

Professional Athletes Need to Play Long Ball With Their Savings Strategy

Many athletes simply don’t have the experience in managing large sums of money or understanding the ramifications of the high-dollar assets they are purchasing. A qualified accountant can help the athlete establish positive savings and budgeting behaviors from the start. In fact, the best time for the athlete and accountant to meet is before the athlete signs their contract and receives a signing bonus. 

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Wayfair

How the Wayfair Supreme Court Case Will Affect Nonprofits

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.

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Revenue Recognition

Last Call for New Revenue Recognition Standards

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.

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Schedule C

Schedule C Form 1040 Filers Beware: The IRS Is Monitoring Your Deductions

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.

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Factory, warehouse with materials and forklift

Sales Tax Economic Nexus Update

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…

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