Donating appreciated stock from your investment portfolio instead of cash has two benefits. First, you can claim charitable deductions equal to the stock’s fair market value if you itemize deductions. Second, you can avoid the tax on the unrealized capital gains of...
Small breweries, distilleries, and wineries are set to see a round of tax benefits in the 2018 and 2019 tax years from reforms passed in Part IX, Subpart A of the Tax Cuts and Jobs Act of 2017. Interest Capitalization Exemption Section 13801 of the act introduces a...
On October 31, 2018, the Financial Accounting Standards Board (FASB) released an Accounting Standards Update (ASU) which simplified variable interest entity disclosure requirements for private companies. All private companies with VIE consideration should be aware of...
On May 28, 2014 The Financial Accounting Standards Board (FASB) and The International Accounting Standards Board (IASB) jointly issued ASC 606 – Revenue From Contracts with Customers. This change in recognizing revenue from contracts with customers could have a...
Keystone Innovation Zone (KIZ) Tax Credit is a component of Keystone Innovation Zone (KIZ) Program. Established in 2003, it creates designated geographic zones to foster innovation and create entrepreneurial opportunities by aligning the combined resources of...
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An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. They are an economic development tool designed to spur economic development and job creation. Opportunity Zones...
The IRS has provided new guidance on the deductibility of expenses for business meals that are purchased in an entertainment context. A deduction is allowed for ordinary and necessary expenses paid or incurred in carrying on any trade or business. Taxpayers may...
The 529 plan, as we know it, has been improved! Distributions (including earnings) from these tax-advantaged accounts are not included in gross income provided such distributions do not exceed the beneficiary’s qualified higher education expenses (QHEEs). So just...