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Year-End Tax Planning Strategies for Your Business
Posted by Brad Jolie on Mon, Dec 16, 2019 @ 02:28 PM

Although 2020 is quickly approaching, it’s not too late to implement planning strategies that can help your business save on 2019 taxes. Before the year ends, make sure to assess strategic tax moves for your business that fully take advantage of the changes implemented by the tax reform law commonly known as the Tax Cuts and Jobs Act (TCJA). These tax planning strategies generally fall into three categories: recovering the cost of business property, dispositions of business property, and tax attributes and corporate issues.

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Topics: tax, tax strategies, Taxes, Brad Jolie, Year End Taxes, Tax Cuts and Jobs Act, TCJA

Your Guide to 2019 Accounting Changes
Posted by Paul Languirand on Mon, Dec 16, 2019 @ 12:49 PM

For 2019, public and private companies alike are grappling with major accounting updates from the Financial Accounting Standards Board (FASB). Public companies tackled the changes to the leasing standard, which required so much time and energy that the FASB agreed to push back the effective date for private companies. Meanwhile, private companies worked through the updates to the long-awaited revenue recognition changes under ASC Topic 606.

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Topics: accounting, Paul Languirand, audit, FASB, Financial Accounting Standards Board, Auditing Standards

Your Taxes and the Federal Budget
Posted by Eric Strawder on Thu, Dec 12, 2019 @ 06:15 PM

The tax plans for each of the candidates in the 2020 Presidential campaign involve some varied and unique proposals, including a wealth tax, a tax on securities trading transactions, and new refundable credits for low-income housing. An understanding of the context out of which these proposals arise can help to explain how these plans fit into the real world. For example, a perceived wealth inequality is the undercurrent for many tax proposals. But these proposals and their underlying motivations must also be squared with the reality of the federal budget.

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Topics: Eric Strawder, 2020 taxes, 2020 Presidential Campaign

The Challenge with Closing Tax Loopholes
Posted by Bob Smith on Thu, Dec 12, 2019 @ 04:01 PM

Seemingly every discussion of changes to the tax code includes a plan to “close loopholes.” But often one person’s loophole is another’s incentive.

The discrepancy arises because the term “loophole” is used broadly to describe any tax benefit that accrues to a small group or industry. But in reality, provisions of the tax code that provide a specific benefit to an industry or group are not really loopholes. These are examples of the code working as designed.

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Topics: Bob Smith, Taxes, tax loophole

The Top 6 Practical Expedients for Revenue Recognition
Posted by Kevin Higgins on Wed, Dec 11, 2019 @ 04:06 PM

The change from rules-based, industry-focused guidance to a one-size-fits-all, principle-based standard may result in significant changes to how companies account for their contracts with customers. Depending on facts and circumstances, some entities may find it complicated to implement the new revenue recognition guidance. To help simplify adoption efforts, the Financial Accounting Standards Board (FASB) has allowed for the use of certain practical expedients that private companies can elect for their ASC Topic 606, Revenue from Contacts with Customers (Topic 606) implementation effort.

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Topics: Kevin Higgins

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