About Thomson Reuters

This author has not yet filled in any details.
So far Thomson Reuters has created 42 blog entries.

Choosing the right accounting method for tax purposes

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided [...]

By |2018-08-13T12:49:10+00:00August 13th, 2018|Categories: Blog, Tax|Tags: , |0 Comments

It’s important to monitor your SEC filing status

As public companies grow, they may move from one filing status or issuer category to another. Recent and proposed changes to the Securities and Exchange Commission (SEC) rules for some categories could affect your company’s financial reporting and audit [...]

By |2018-08-10T12:17:29+00:00August 10th, 2018|Categories: Audit, Blog|Tags: , , |0 Comments

An FLP can save tax in a family business succession

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is [...]

By |2018-08-06T16:24:02+00:00August 6th, 2018|Categories: Blog, Tax|Tags: , , , |0 Comments

Auditing the use of estimates and specialists

Complex accounting estimates — such as allowances for doubtful accounts, impairments of long-lived assets, and valuations of financial and nonfinancial assets — have been blamed for many high-profile accounting scams and financial restatements. Estimates generally involve some level of [...]

By |2018-08-03T17:54:19+00:00August 3rd, 2018|Categories: Audit, Blog|Tags: , , , |0 Comments

Do you qualify for the home office deduction?

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the [...]

By |2018-07-30T14:26:32+00:00July 30th, 2018|Categories: Blog, Tax|Tags: , , |0 Comments

Transitioning to remote audits

Are you comfortable communicating electronically with your auditors? If so, a logical next step might be to transition from on-site audit procedures to a more “remote” approach. Remote audits can help reduce the time and cost of preparing audited [...]

By |2018-07-20T13:36:52+00:00July 20th, 2018|Categories: Audit, Blog|Tags: , , |0 Comments

Close-up on the new QBI deduction’s wage limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, [...]

By |2018-07-17T14:55:10+00:00July 17th, 2018|Categories: Blog, Tax|Tags: , , , |0 Comments

How to avoid getting hit with payroll tax penalties

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under [...]

By |2018-07-10T16:04:38+00:00July 9th, 2018|Categories: Blog, Tax|Tags: , , |0 Comments

Does your business have to begin collecting sales tax on all out-of-state online sales?

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who [...]

By |2018-07-02T12:44:08+00:00July 2nd, 2018|Categories: Blog, Tax|Tags: , |0 Comments

Using analytical procedures in an audit provides many benefits

Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of the audit. But analytics can have an even bigger impact when used to supplement substantive testing during fieldwork. Defining [...]

By |2018-06-29T13:10:09+00:00June 29th, 2018|Categories: Audit, Blog|Tags: , , |0 Comments