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So far Thomson Reuters has created 76 blog entries.

Buy business assets before year end to reduce your 2018 tax liability

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the [...]

By |2018-11-06T19:30:14+00:00November 6th, 2018|Categories: Blog, Tax|0 Comments

LIFO lessons learned

You have choices when it comes to reporting inventory costs. One popular technique — the last-in, first-out (LIFO) method — assumes that merchandise is sold in the reverse order it was acquired or produced. That is, it allocates the most [...]

By |2018-11-02T12:43:42+00:00November 2nd, 2018|Categories: Blog, Small Business Services, Tax|Tags: |0 Comments

Research credit available to some businesses for the first time

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses [...]

By |2018-10-29T12:58:31+00:00October 29th, 2018|Categories: Blog, Small Business Services, Tax|0 Comments

How auditors assess risk when preparing financial statements

Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial [...]

By |2018-10-26T14:23:22+00:00October 26th, 2018|Categories: Audit, Blog, Small Business Services|0 Comments

Selling your business? Defer — and possibly reduce — tax with an installment sale

You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to get the return from your [...]

By |2018-10-22T12:43:58+00:00October 22nd, 2018|Categories: Blog, Small Business Services, Tax|0 Comments

Assessing the effectiveness of internal controls

Strong internal controls can help prevent and detect fraud. That’s why Section 404(a) of the Sarbanes-Oxley Act (SOX) requires a public company’s management to annually assess the effectiveness of internal controls over financial reporting. And Sec. 404(b) requires the company’s [...]

By |2018-10-19T13:45:52+00:00October 19th, 2018|Categories: Audit, Blog, Small Business Services, Tax|0 Comments

Now’s the time to review your business expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to [...]

By |2018-10-15T15:27:19+00:00October 15th, 2018|Categories: Blog, Small Business Services, Tax|Tags: |0 Comments

Audit opinions: How your financial statements measure up

Audit opinions differ depending on the information available, financial viability, errors discovered during audit procedures and other limiting factors. The type of opinion your auditor issues tells stakeholders whether you’re in compliance with accounting rules and likely to continue [...]

By |2018-10-12T13:32:51+00:00October 12th, 2018|Categories: Audit, Blog, Small Business Services|Tags: , |0 Comments

Tax-free fringe benefits help small businesses and their employees

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick [...]

By |2018-10-08T12:35:48+00:00October 8th, 2018|Categories: Blog, Small Business Services, Tax|Tags: |0 Comments

Should cloud computing setup costs be expensed or capitalized?

Companies will be able to capitalize, or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting Principles (GAAP). Here are the details. FASB responds to business [...]

By |2018-10-05T12:43:32+00:00October 5th, 2018|Categories: Audit, Blog, Small Business Services, Tax|Tags: , |0 Comments