On February 15, Virginia Governor Ralph Northam signed House Bill 2529. The bill includes an emergency clause that updates the Commonwealth’s conformity to the Internal Revenue Code in effect on February 9, 2018, to the IRC “as [it] existed on” December 31, 2018.
Software company founders and CEOs often get inquiries from private equity (PE) firms interested in striking a deal to acquire or invest in their company. Depending on the offer, this could be the perfect opportunity to take their company to the next level or to achieve an optimal exit. But how can they recognize such an opportunity? The answer to that question is, in part, what this article aims to provide.
Is additional spending for legal and accounting fees post transaction worth resolving a working capital disagreement? How about the disruptive impact of management distractions and the related cost of a working capital dispute on operations? Buyers and sellers can avoid these potential challenges by performing a comprehensive net working capital analysis prior to closing a transaction.
The last thing taxpayers expected following sweeping tax reform was to receive lower refunds than they had in the past. In fact, some are discovering that instead of a refund they owe the federal government. So what went wrong?
Part of offering a defined contribution plan is making sure that the money participants contribute from their paycheck is deposited in their retirement account in a timely manner. While this might seem like a relatively minor and simple task, the Department of Labor views non-compliance with remittance rules as a major issue, and missing deadlines for deposits can carry significant penalties.
Taxpayers finally have guidelines from the IRS regarding the Section 199A deduction. In issuing the final regulations regarding qualified business income (QBI), the IRS provided clarifications about how taxpayers can demonstrate they qualify for the deduction. Additionally, the IRS issued proposed regulations regarding previously suspended losses.
More than a year after sweeping federal and state tax reform was enacted, businesses of all sizes are still wrapping their arms around the changes. This article discusses eight planning opportunities and considerations businesses should review as part of their 2019 strategy.
Time is running out, but it’s not too late for private companies to get set for the new revenue recognition standards. The FASB’s guidance is effective in 2019 for annual reporting periods, and in 2020 for interim periods. While this gives private companies a bit more time before they have to report under the new standard, the time to act is now.
In order to keep you current on Securities and Exchange Commission reporting developments, we are pleased to provide you with this newsletter – provided through our participation in BDO Alliance USA – that summarizes significant 2018 developments at the SEC.
The new limitation on excess business loss is designed primarily to restrict the ability of taxpayers to use business losses to offset other sources of income. The provision is effective for taxable years beginning after December 31, 2017, and before January 1, 2026.