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Providing education and industry insights to stay steps ahead of your competition.
Why construction businesses should pay attention to the new lease standard
If you own a business, then you have likely heard the buzz around the new lease accounting standard and the significant impact it will have on the way you record leases. For construction and other [...]
What to consider when purchasing a business vehicle and how it affects tax deductions
There are countless factors that influence a person’s decision to purchase a particular vehicle. Everything from whether to buy a car, truck, or SUV, to smaller factors, such as specific options and color. While [...]
It’s not too late: You can still set up a retirement plan for 2018
If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still [...]
A fresh look at percentage of completion accounting
How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded [...]
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 [...]
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 [...]
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 [...]
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 [...]
Social Security Administration Announces Changes for 2019
According to the Social Security Administration, Social Security and Supplemental Security Income benefits for more than 67 million Americans will increase 2.8 percent in 2019. Increased payments to more than 8 million SSI beneficiaries will [...]
IRS Issues Guidance on Meal and Entertainment Deductions
The Internal Revenue Service has issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act. The 2017 TCJA eliminated the deduction for any [...]
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