The Tax Cuts and Jobs Act of 2017 resulted in sweeping changes to the tax code. One year later, business owners should be aware of how the changes affect their businesses, and how to plan accordingly moving into 2019.
For many taxpayers, the changes made by the most recent tax reform represent a host of tax planning challenges and opportunities. In this blog, we highlight some of the more significant changes made by the TCJA, as well as possible challenges and opportunities to lower your tax bill for 2018 and beyond.
The FASB issued ASU 2018-18 to clarify when certain transactions between participants of a collaborative arrangement are within the scope of ASC 606. It is effective for public entities for fiscal years beginning after December 15, 2019, and for private entities, the effective date is fiscal years beginning after December 15, 2020.
For years we have been hearing about major internet fraud schemes. The question is, are you taking some simple steps to protect yourself? Security breaches are not going away anytime soon, so it’s critical that you take some measures to secure your finances.
Given the magnitude of the impact ASU 842 will have on most entity’s balance sheets, it is important to obtain an understanding now, particularly if you are or will be in the process of negotiating new long-term leases between now and the effective date.
Even businesses with the most growth potential will encounter challenges and have difficult decisions to make on the way to success. What’s the difference between those which maneuver successfully and those who get tangled up in the chaos? Leadership.
The Tax Cuts and Jobs Act of 2017 eliminated the deduction for business entertainment expenses. Now, in Notice 2018-76, the IRS has weighed in with guidance that preserves business deductions for meals incurred in connection with entertainment activities—as long as the meals meet certain requirements.
The House of Representatives passed three new bills collectively referred to as Tax Reform 2.0 on September 28. Some of the bills must still receive at least 60 votes in the Senate, which most commentators consider an unlikely outcome.
In the past, government contractors may have used the term “consultant” or “consulting” to describe the wide range of services they provide. Yet this 2018 tax season, it may be time for contractors to revisit this terminology, particularly if they are structured as a flow‑through entity for tax purposes.
The Tax Cuts and Jobs Act of 2017 (TCJA) made comprehensive changes to the tax code. It’s not surprising that the IRS is in the process of making clarifications to these changes, including proposed regulations for the complex Section 199A deduction.