The Why: Stakeholders indicated that hedge accounting requirements in current GAAP sometimes do not permit an entity to properly recognize the economic results in its financial statements. Entities wanted something that would better facilitate financial reporting that...
Let’s discuss LLCs! This is a very common business type but so many people (even those who OWN an LLC) do not actually realize what an LLC is... or what it could be. This is a great place to start if you are considering starting a business or getting your already...
On January 18, the Internal Revenue Service issued final regulations and three related pieces of guidance regarding the new 20 percent Qualified Business Income (QBI) deduction for pass-through businesses under Code section 199A. The new QBI deduction, created by the...
In response to the U.S. Supreme Court’s Wayfair decision, effective July 1, 2019, taxpayers that exceed the PA sales threshold of $100,000 must: - Register for a license - Collect, report, and remit sales tax Marketplace Facilitator: A marketplace...
The Angel Investor Job Creation and Innovation Act created a personal income tax credit for qualified investments in certain Delaware based small businesses. It is a refundable tax credit worth up to 25% of the investment. Qualified investors and high tech small...
As 2019 is beginning, there are several things clients can do to begin to prepare for the upcoming audit and/ or tax return request lists sent by their accountants. Sometimes these lists can feel overwhelming and daunting but here are a few things clients can do...
Often times at year end, CPA stress levels begin to escalate because of tax planning, preparation for busy season, as well as what’s to come from analyzing a client’s set of books for the entire year. Our firm has seen specific accounting errors countless times, which...
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...