Tax Audit Representation: What You Should Know
Tax audit representation, also called audit defense, is a service in which a tax or legal professional stands in on behalf of a taxpayer…
Financial Statement Presentations: What you should know
Keys Proposed New Income Statement Structure: With no set structure for the income statement under current IFRS Standards, companies use different formats to present their results, making it difficult for investors to compare financial performance across companies. Under the proposals, companies would be required to present three new subtotals in their income statement, effectively allocating their income…
Accounting for PPP Loans: What you Should Know
Keys Accounting and Reporting Considerations Currently, there is no specific guidance in the U.S. GAAP that addresses the accounting by an entity that obtains a forgivable loan from a government entity. However, due to overwhelming demand for some form of guidance for accounting for PPP loans, the American Institute of Certified Public Accountants, in consultation…
Wealth Planning – Qualified Opportunity Zones: What you Should Know
The Qualified Opportunity (QO) Zone program, created by the 2017 Tax Cuts and Jobs Act, incentivizes long-term investment in low income and economically distressed communities by deferring capital gains tax when taxpayers invest those gains into QO Funds.
New 2021 Tax Filing Season Considerations
With the 2021 tax filing season around the corner, here are four new items to consider that could impact your 2020 tax return.
Get ready for Taxes
The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return.
Are you ready for the new tax reform?
Here’s what you need to know about tax reform right now: Your take-home probably changed, even slightly. You might need to see if you’re withholding the right amount for taxes. Your ability to itemize deductions and write off job-related expenses might change. Big changes to the tax laws for large and businesses. You may be…
Vacation home rentals and the Tax Cuts and Jobs Act
The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, may have unforeseen indirect consequences for taxpayers with dwellings used for both short-term rental and personal purposes, often referred to as mixed-use vacation homes. The TCJA’s increase in the standard deduction and limitations on itemized deductions for state and local taxes (SALT) and home mortgage interest may affect the vacation home rental expense allocation under Sec. 280A(c)(5)(B) between personal and rental use, particularly for a dwelling that is unused for significant periods.
Phone scams and phishing featured in 2018’s Dirty Dozen tax scams
The IRS released its updated 2018 list of the top 12, or “Dirty Dozen,” tax scams on Tuesday. Like last year’s list, the biggest story this tax season was phishing attempts, with all types of taxpayers, businesses, and tax preparers being targeted. Another one of the Dirty Dozen that has been in the news frequently…