The IRS will now automatically provide consent to small business taxpayer’s application to change to the cash method of accounting. What do the automatic consent changes include? a change to the cash method of accounting an end to UNICAP for certain costs - this...
Delaware legislation has authorized the formation of series limited liability companies. Beginning August 1, 2019, registered DE series LLCs will have an annual tax imposed. A series LLC is a unique entity that consists of separate, individual interests. In Delaware,...
Hello, again! Growing up, I was always scared of the term, the “real world,” but this position has shown me that it is nothing to be afraid of. In fact, now I feel much more confident and professional. This internship has given me incredible insight to what...
Summary The FASB’s major accounting standard update (ASU) which will require the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases will be upon us sooner than we think. This article summarizes some of the...
With the passage of tax reform, many taxpayers are evaluating the impact on their businesses and choice of entity type. Some S-Corporations may find it more advantageous to be taxed as a C-Corporation, even after considering the double taxation of C-Corporation...
As we continue well into the second half of 2018, there is one issue that remains to be addressed with many clients I have worked with this year, fringe benefits. It is so easy to carry on work as usual without taking the time to really analyze all aspects of the...
Hello, hope everyone is having a wonderful summer! I’m Brooke Baldassano, a tax intern here at Stephano Slack in Wayne. May 2019, I will graduate from Bloomsburg University with a bachelor’s degree in accounting. I can proudly say this has been the best job I’ve had....
The Supreme Court ruled that South Dakota can require online retailers to collect sales tax, in the June 21st, 2018 decision of South Dakota v. Wayfair, Inc. Collecting sales tax on online purchases has been a controversial subject for years. The Supreme Court’s 5-4...
With the passing of the Tax Cuts and Jobs Act, there were some important changes in the legislation which are both temporary in nature and effective through 2025 regarding mortgage interest. The first change relates to the limitation on the amount of acquisition...