Mar 28, 2019 | Accounting & Audit Updates, Tax News
A capital gain is a profit made when you as an individual or business sell a capital asset — investments or real estate, for instance — for a higher cost than its purchase price. A capital loss is incurred when there’s a decrease in the capital asset value...
Mar 20, 2019 | Accounting & Audit Updates, Personal Financial Planning, Tax News
You will want to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce your financial statements. Getting an accountant’s blessing is...
Mar 19, 2019 | Accounting & Audit Updates, Business Planning, Tax News
Rules regarding expensing and deduction are complex. Managers should keep an eye on the latest rules to make sure their businesses are in compliance and are taking full advantage of the provisions. To start with, businesses can immediately expense more under the new...
Feb 26, 2019 | Accounting & Audit Updates, Tax News
The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It’s a reminder that federal law controls payments for federal income tax purposes no matter how state law wants to view things. The Tax Cuts and Jobs...
Feb 21, 2019 | Accounting & Audit Updates, Tax News
The Tax Cuts and Jobs Act made many changes to the individual tax law, including the alternative minimum tax (AMT). One of the goals of the new tax law was to reduce the impact of the AMT or even to repeal it entirely. A modification was made — let’s see what it...
Feb 7, 2019 | Accounting & Audit Updates, Tax News
You may be trying to get your brain around how to figure out the basis of property that you receive as a gift. Here’s what you have to consider: The adjusted cost basis to the donor just before he or she made the gift to you; The fair market value...