The 2018 gift tax return deadline is almost here
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine…
Vehicle-expense deduction ins and outs for individual taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax…
Audits home in on cybersecurity
In 2018, U.S. organizations that suffered a data breach lost an average of $7.91 million as a result. That’s the…
Tax Allocations When a Partner Exits
Let’s say a partner in your medical practice exits half way through the firm’s tax year. How are partnership tax…
How to report stock compensation paid to nonemployees
The accounting rules for reporting stock compensation have been expanded. They now include share-based payments to nonemployees for providing goods…
Auditing cashless transactions
Like most businesses, you’ve probably experienced a significant increase in the number of customers who prefer to make cashless payments….
IRS Issues Final QBI Deduction Regulations
The IRS has issued final regulations on determining allowable deductions based on qualified business income (QBI) from pass-through entities. This…
IRS Offers QBI Deduction Safe-Harbor Rule for Rental Real Estate
The IRS recently issued guidance on the new deduction for up to 20% of qualified business income (QBI) from pass-through…
Private companies: Have you implemented the new revenue recognition standard?
Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in…
M&A due diligence: Don’t accept financial statements at face value
The M&A market was hot last year, and that momentum is expected to continue in 2019. Before acquiring another business,…