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Income Tax Accounting Repercussions for Public Companies
Posted by Brad Jolie and Kevin Eagan on Fri, Apr 17, 2020 @ 02:48 PM

The $2.2 trillion economic stimulus package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes many tax and non-tax provisions to assist individuals, businesses, and the unemployed. Tax changes in the CARES Act and other tax law changes that have come about to offset the economic impact of the COVID-19 pandemic create many potential issues to consider with accounting, from going concern evaluations to financial statement disclosures. For public companies with quarterly financial filings to prepare, there will be a number of income tax accounting implications that will need to be addressed now.

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Topics: tax, public company, Taxes, Brad Jolie, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, SEC, Kevin Eagan, Public Companies

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

Parking Expense and Food Cost Relief Could Be on the Way
Posted by Brad Jolie on Mon, Sep 23, 2019 @ 03:01 PM

The 2017 tax reform law ushered in new tax cuts, but it also did away with some common write-offs for business expenses. As companies and their tax advisors unpacked what is commonly known as the Tax Cuts and Jobs Act (TCJA), the elimination of two benefits in particular stuck out: deductibility of parking expenses and certain employer-provided food costs. Because these expenses are no longer deductible, they do not help to lower your year-end tax bill. The IRS is cognizant of taxpayer pleas for change and may be remodeling its approach so that taxpayers can find at least partial relief.

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Topics: tax, Taxes, Brad Jolie, Tax Cuts and Jobs Act, TCJA, parking tax

Income Tax Changes Coming for Select Intra-Entity Asset Transfers
Posted by Brad Jolie on Fri, Nov 18, 2016 @ 04:56 PM

Companies that exchange assets other than inventory between related parties will be facing changes to the timing of the recognition of the income tax effect of the transfer.

On October 24, 2016, the Financial Accounting Standards Board (FASB) released an accounting standards update that will require entities to recognize the income tax consequences for a non-inventory asset transfer on the date the transfer occurs. Accounting Standards Update 2016-16, Accounting for Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory will take effect for public business entities in annual periods, including interim periods within those annual periods, beginning after December 15, 2017 (i.e., 2018 calendar year). Non-public entities will adopt for annual periods beginning after December 15, 2018 (i.e., 2019 calendar year) and interim periods beginning after December 15, 2019 (i.e., 2020 calendar year).

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Topics: tax, Taxes, Income tax changes, Income Tax, Brad Jolie, Intra-Entity Asset Transfers

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