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Does Your Business Provide Parking? Beware of TCJA
While the Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered to be very business-friendly, there are many provisions implemented to pay for the cuts that can be treacherous for business taxpayers. One of these, Internal Revenue Code (IRC) Section 274(a)(4), specifies that “no deduction shall be allowed… for the expense of any qualified transportation fringe…provided to an
New Lease Accounting Rules To Be Delayed
The Financial Accounting Standards Board “FASB” has proposed a one year delay in the effective date required for private companies to implement the new lease accounting rules Leases Topic 842.
Is Your Nonprofit Prepared for ASU 2016-14?
It’s important for Not-For-Profit (NFP) organizations to stay current on ever-changing accounting standards that may impact their financial reporting. In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.
Capital Gains Savings & Qualified Opportunity Funds
The Tax Cuts and Jobs Act of 2017 (TCJA) is the largest overhaul of the United States tax code in a generation. There has been much reporting about the change in the tax rates, the new benefits available for business taxpayers, and the advantages and disadvantages of many of the changes to existing law. One of the more under-reported benefits,
Section 199A Confusion: Specified Service Trade or Business
We’ve written before about the Section 199A deduction of the Tax Cuts and Jobs Act (TCJA). The new law allows individuals and trusts to take a deduction of up to 20% of qualified business income, or QBI, from a domestic qualified trade or business. However, there is a limitation placed on the deduction if your taxable income is over a
New Interest Expense Limitations
The Tax Cuts and Jobs Act (TCJA) has something for everyone. For example, corporate tax rates were cut from a top marginal rate of 35% to a flat rate of 21%. And owners of most pass-through entities, such as S Corporations and partnerships, will realize a tax rate decrease of up to 10% as a result of the new Section 199A deduction. However,