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So far Thomson Reuters has created 18 blog entries.

Public vs. Private Companies: When Should Different Accounting Rules Apply?

Small private companies often criticize the Financial Accounting Standards Board (FASB) for writing overly complex standards that focus on the needs of stakeholders in large public companies rather than “Main Street” businesses. Here’s how the FASB has addressed these [...]

TCJA Changes to Employee Benefits Tax Breaks: 4 Negatives and a Positive

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. [...]

By | 2018-04-24T18:58:18+00:00 April 24th, 2018|Categories: Blog, Tax|Tags: , , , |0 Comments

Get Ready for the New Lease Standard

A new accounting rule for reporting leases goes into effect in 2019 for public companies. Although private companies have been granted a one-year reprieve, no business should wait until the last minute to start the implementation process. Some recently [...]

By | 2018-04-24T18:53:13+00:00 April 24th, 2018|Categories: Blog|Tags: , , |0 Comments

Tax Document Retention Guidelines for Small Businesses

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks [...]

By | 2018-04-24T18:59:32+00:00 April 24th, 2018|Categories: Blog, Tax|Tags: , , |0 Comments

Internal Control Testing: What role does sampling play?

Auditors must test the effectiveness of internal controls before signing off on your financial statements. But it’s impossible to analyze every transaction that’s posted to the general ledger, due to time and budget constraints. Instead, auditors select and analyze a [...]

By | 2018-04-11T14:53:13+00:00 April 10th, 2018|Categories: Blog|Tags: |0 Comments

Should You File Form SS-8 to Ask the IRS to Determine a Worker’s Status?

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations.To find out [...]

By | 2018-04-11T14:53:50+00:00 April 9th, 2018|Categories: Blog, Tax|Tags: , |0 Comments

A Net Operating Loss on Your 2017 Tax Return Isn’t All Bad News

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware [...]

By | 2018-04-11T14:54:24+00:00 April 9th, 2018|Categories: Blog, Tax|Tags: |0 Comments

Defer tax with a Section 1031 exchange, but new limits apply this year

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) [...]

By | 2018-04-11T15:00:47+00:00 March 25th, 2018|Categories: Blog|Tags: , |0 Comments

2018 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us [...]

By | 2018-04-11T15:02:18+00:00 March 24th, 2018|Categories: Blog|Tags: |0 Comments

Feeling lucky? How to find a pot of gold in your financials

Every business experiences occasional cash shortages. When this happens, owners often assume they should go out and sell more. But this strategy can sometimes compound money troubles over the short run. Why? The answer lies in a concept known [...]

By | 2018-04-11T15:09:19+00:00 March 10th, 2018|Categories: Blog|Tags: , |0 Comments