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IRS Announces Changes in Benefit Plan Limitations for 2019
Posted by Bernard Kaplan on Thu, Nov 1, 2018 @ 06:36 PM

The IRS has announced the 2019 cost-of-living adjustments applicable to dollar limitations for retirement plans and other items.

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Topics: Bernard Kaplan, retirement plans, cost-of-living, 401(k), 403(b), 457 plan, 2019 Benefit Plan Limitations

How to Make Sure You're in Compliance with the GDPR
Posted by Michelle White on Wed, Oct 24, 2018 @ 05:03 PM

One of the biggest stories in cybersecurity over the past year is the European Union’s new data protection measures. The General Data Protection Regulations (GDPR) took effect on May 25, 2018, and applies to any company that collects and/or processes data from individuals residing in the EU. GDPR comes with steep penalties for noncompliance, including fines of up to 4 percent of global revenue, or sanctions preventing companies from continuing associated operations. Following the guidelines in the GDPR has understandably been a top concern for many organizations.

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Topics: GDPR, Michelle White, Privacy Laws, General Data Protection Regulation, EU GDPR

Changes Coming to Accounting for Implementation Costs for Cloud-Based Software
Posted by Paul Languirand on Wed, Sep 26, 2018 @ 05:43 PM

Cloud-based software has grown in prevalence, and many companies find it an effective way to reduce upfront capital investment in software and outsource the upkeep of those systems. As technology has advanced, systems available on the cloud have increased in their size and complexity. These more complex systems have begun to require significant implementation costs in their own right to configure and integrate.

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Topics: Paul Languirand, Cloud-Based Software, FASB, Financial Accounting Standards Board, goodwill, Testing for Goodwill, accounting

When Can You Deduct the Costs Associated with Buying A Business?
Posted by Kevin Eagan on Mon, Sep 24, 2018 @ 11:31 AM

When acquiring a business, the acquirer will incur significant costs for planning, negotiating, brokering and conducting due diligence on the transaction. Depending on the facts and circumstances, portions of those costs may be immediately deductible, capitalized and amortized over as many as 15 years, or even capitalized permanently until the business is disposed. Understanding the rules that apply to the capitalization of transaction costs is critical to maximizing the acquirer’s current deductions.

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Topics: acquiring a business, bright line date, business transaction, safe harbor election, legal entity

Trust and Estate Income Tax Considerations After the Tax Cuts and Jobs Act of 2017
Posted by Elizabeth Lindsay-Ochoa on Wed, Sep 19, 2018 @ 05:40 PM

The tax law known as the Tax Cuts and Jobs Act (the TCJA) impacts income tax planning for trusts and estates, at least until Dec. 31, 2025 when many of the provisions are scheduled to expire.

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Topics: Tax Cuts and Jobs Act, estate tax, estate planning, estate income tax, trust income tax, Elizabeth Lindsay-Ochoa

Massachusetts Enforces Sales and Use Tax on Remote Vendors Following ‘Wayfair’ Decision
Posted by Tarra Curran on Tue, Sep 18, 2018 @ 05:14 PM

In the aftermath of the Wayfair Supreme Court decision, Massachusetts recently released additional information about its sales tax policy for remote vendors. The Technical Information Release 18-8, Tax Jurisdiction Over Internet Vendors Prior to and Subsequent to Wayfair, Inc. v. South Dakota (TIR 18-8) clarifies the state Department of Revenue’s position on the types of activities that would require an out-of-state business to collect and remit sales tax in Massachusetts.

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Topics: Sales Tax, sales and use tax, South Dakota vs Wayfair, Wayfair, Massachusetts, nexus, economic nexus, remove vendors

Rhode Island—Sales and Use Tax: SaaS Taxed
Posted by Chrissy Hammond on Fri, Sep 14, 2018 @ 11:10 AM

Rhode Island sales tax applies to software as a service (SaaS) starting October 1, 2018. Tax applies to software accessed from the web even if it's not downloaded.

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Topics: Sales Tax, SaaS, Rhode Island, software as a service, sales and use tax

New Bonus Depreciation Regs Bring Clarity, Anti-Abuse Provisions, But No Fixes
Posted by Tony Pisani on Thu, Sep 13, 2018 @ 04:09 PM

The IRS took a step toward clarifying an issue in the new tax reform law, but it did not answer one of the biggest provisions surrounding bonus depreciation.

On Aug. 3, 2018, the IRS and Treasury Department released the first proposed regulations on the expanded bonus depreciation provisions enacted by the 2017 tax reform act (the Act). These regulations provide clarification on which types of property qualify, when a taxpayer will not be considered to have previously used property, when property is acquired and placed in service and the effect of certain partnership elections. The new anti-abuse provisions focus on ensuring that the deduction is not claimed by multiple entities in the same controlled group and that the original use requirement is not circumvented.

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Topics: Tony Pisani, Bonus Depreciation, IRS, Tax Reform Act, Partnerships

4 Steps to Restoring Your Organization's Reputation After Financial Fraud
Posted by John Mulvaney on Mon, Sep 10, 2018 @ 06:15 PM

As any business leader whose organization has been victimized by a significant fraud can attest to, the impact of such an event and the effect it has on the organization can be paralyzing. First, there’s the obvious financial impact. According to the Association of Certified Fraud Examiner’s (ACFE) 2018 Report to the Nations, the recent study of 2,690 of fraud cases resulted in estimated losses of $7.1 billion, which the ACFE acknowledged is only a fraction of the true cost of global fraud. The study concluded that the median cost of fraud to victim organizations is approximately $130,000, while approximately 24 percent of the fraud cases it studied exceeded $800,000. Further, these costs do not include the cost of attorneys, forensic accountants, and other specialists who will be called upon to assist with the investigation.

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Topics: John Mulvaney, fraud, reputation, ACFE, financial fraud

Financial Statement Changes Coming in the Wake of ’Wayfair’
Posted by Patrick Quinn on Thu, Aug 30, 2018 @ 02:27 PM

The Supreme Court recently ruled that a physical presence in a state is not required for a state's sales and use tax requirements. In response to South Dakota v. Wayfair, Inc., states are rapidly updating their policies to collect state sales taxes from companies that conduct business remotely.

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Topics: Patrick Quinn, Financial Statement, Sales Tax, Wayfair, South Dakota vs Wayfair, economic nexus, Accounting Issues

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