Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) are running out of time to implement the new revenue recognition rules. Are your accounting systems and personnel ready for this fundamental shift in financial reporting? The effects will likely be more far-reaching than expected, based on feedback from public companies that implemented the changes in 2018. Read more
By Bethany Bouw, CPA
Tis the season when those far and wide give gifts to their loved ones and charities. While you may be giving purely for the benefit of others, this does not remove the need to be aware of IRS requirements and regulations. Though the recipients will appreciate your altruistic intent, the IRS still has expectations no matter the spirit of the season. So, lest you fall afoul of the reporting rules, here are three commonly asked questions to consider as you gift and donate internationally this holiday season. Read more
- Your principal place of business.
- A place to meet or deal with clients, customers or patients in the normal course of business.
With the holidays fast approaching, you might want to reward your employees for all their hard work in 2018. Gift-giving ideas include gift cards, holiday turkeys and achievement awards.
Although your intent may be essentially the same in all these situations, the tax outcome for recipients of your goodwill may be quite different. Typically, it depends on the value and type of gift or award. Read more
For married people with large estates, the Tax Cuts and Jobs Act (TCJA) brings welcome relief from federal estate and gift taxes, as well as the generation-skipping transfer (GST) tax. Here’s what you need to know and how to take advantage of the favorable changes. Read more
The countdown to year-end has begun. Have you positioned yourself to minimize your 2018 tax bill? The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax laws that will affect virtually all individual taxpayers — and most of those changes went into effect for this tax year. Here are four tried-and-true tax planning strategies, tweaked to account for the TCJA. Read more
Receiving a notice that the IRS is auditing an employee benefit plan is news that no employer wants to receive. If your company does get such a notice, knowing what to expect and preparing for the audit itself are the best ways to help the process go as smoothly as possible. In one IRS newsletter, the agency’s Director of Employer Plan Examinations advised plan sponsors of the audit process and gave readers a list of tips on how to best handle the situation. Read more
The IRS continues to publish guidance to clarify provisions of the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about qualifying for the new $500 tax credit for dependents and beneficial head of household (HOH) filing status based on having a non-qualifying-child dependent. Read more
Today approximately 38 million private-sector employees in the United States lack access to a retirement savings plan through their employers. However, momentum is building in Washington, D.C. to remedy this situation by helping small employers take advantage of multiple employer defined contribution plans (MEPs). Read more
There’s good news if you own a vacation home that you rent out: The Tax Cuts and Jobs Act (TCJA) didn’t have much effect on how your rental income and related expenses are treated under the tax rules. But those rules are still complicated. Here’s what you should know. Read more