As we enter the final quarter of 2019, savvy business owners are taking the time to review their recent performance and evaluate whether or not their existing strategies will serve them in the year ahead. For many business owners, this assessment will result in changes to current plans and prompt them to expedite the timing […]
Private companies and nonprofit organization struggling to adopt the new lease accounting standard (ASC 842) are getting a reprieve from the Financial Accounting Standards Board, which voted to delay the effective date of compliance by one year to Jan. 1, 2021. Affected entities should use the additional time to consider how they can more effectively […]
Posted on September 24, 2019
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Karen Lake
The U.S. Supreme Court’s 2018 decision in South Dakota v. Wayfair has had far-reaching impact on the state and local sales tax (SALT) obligations and previous competitive advantages of online and foreign businesses that sell products into the U.S. The court’s ruling eliminated the prevailing physical presence test, which required sellers to collect sales tax […]
Posted on September 18, 2019
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Adam Cohen
Small-business owners who use a portion of their homes regularly and exclusively for business purposes may qualify for a home office deduction that can help them save money of their taxes and improve their bottom line. For purposes of claiming this deduction, a home is defined as a house, apartment, condominium, mobile home, boat or […]
Posted on September 12, 2019
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Daniel Hughes
Representations and warranties insurance (RWI) is becoming an increasingly common and required tool to expedite M&A transactions, bridge gaps in deal negotiations and reduce buyers’ and sellers’ risks of financial losses after deals close. At the most basic level, representations are the assertions sellers make about their companies, those entities’ financial positions and past and […]
Posted on September 04, 2019
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John Ebenger
Savvy investors know that holding real estate in their individual names is a bad idea that exposes them to a broad range of legal risks and personal financial liabilities. Instead, U.S. tax laws permit investors to structure their real estate holdings into separate business entities, such as partnerships, limited liability companies (LLCs) and corporations, which […]
Posted on August 29, 2019
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Daniel Hughes
As Hurricane Dorian menaces the Florida coast, it is not too late for businesses to prepare for the threat of a potential disaster that can interrupt normal businesses operations and cause millions of dollars in damages and lost revenue. Following are just a few things that businesses should consider as part of a well-thought-out disaster-preparedness […]
Posted on August 27, 2019
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Angie Adames
Under a Revenue Procedure recently issued by the IRS, eligible partnerships that made errors on their timely filed 2018 federal tax returns in March of 2019, for which no extensions were filed, may have a small window of opportunity to file superseding Forms 1065 and Schedules K-1 to partners by Sept. 15, 2019. Taxpayers eligible […]
Posted on August 22, 2019
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Andrew Leonard
The overhaul of the U.S. tax code was signed into law at the end of 2017, yet many taxpayers are continuing to conduct business as usual, paying little attention to how the new law impacts their tax liabilities for 2018 and beyond. To be sure, the Tax Cuts and Jobs Act (TCJA) in its original […]
Posted on August 12, 2019
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Joanie Stein
If you are among the more than 145 million people whose personal information was compromised in the Equifax data breach that occurred in 2017, you may now be entitled to compensation as part of the credit bureau’s nearly $700 million settlement with the government. However, before you file a claim or try to figure out […]
