Our year in review report–provided through our participation in BDO Alliance USA–summarizes the year’s most significant changes in guidance and what to expect in 2018.
The sweeping reform Congress pushed through to the federal tax law began taking effect mostly in 2018. Among the many significant changes made were changes to the estate and gift tax law. The crux of the change is that the estate and gift tax lifetime “exemption” more than doubles, from $5.49 million in 2017 to approximately $11.18 million per person in 2018.
In March 2018, the Center for Audit Quality released a new tool Non-GAAP Measures—A Roadmap for Audit Committees, as a culmination of their recent series of stakeholder roundtables designed to solicit discussions around the usefulness and challenges of using Non-GAAP financial measures and to identify opportunities to enhance public trust and confidence in such measures.
The FASB issued ASU 2018-02 to provide entities an option to reclassify certain “stranded tax effects” resulting from the recent U.S. tax reform from accumulated other comprehensive income to retained earnings. This new standard will take effect for all entities in fiscal years beginning after December 15, 2018.
On March 1, 2018, the IRS issued Notice 2018-18 announcing that forthcoming regulations will provide that the term “corporation” as used in Section 1061 does not include an S corporation.
Planning sessions often start when executives gather in a room and ask the big question: What do we want to accomplish next year? Sound familiar? It wouldn’t surprise us if your business has operated in a similar fashion for years. Yet, the challenge is that this approach may not be driven by analytical insight—or for that matter, the right analytics.
The new revenue recognition standard will be adopted by private companies for periods beginning after Dec. 15, 2018. The implication for private companies that utilize a calendar year end is that the upcoming year should ideally be spent preparing for this transition.
The $1.5 trillion new tax law represents the most sweeping change to tax code in a generation. Tax reform of this magnitude will have broad implications for businesses of all sizes and in all industries. While accountants and tax departments wade through the 185-page legislation, here are the top 10 things companies need to know.
The Tax Cuts and Jobs Act of 2017 is the most sweeping tax reform to the U.S. tax code in more than three decades. Both individuals and business owners will be affected by the changes, therefore we provide a quick overview of the most significant changes.
Business owners should take notice of a substantial new tax deduction created by the recently enacted Tax Cuts and Jobs Act.