Section 199A: You still have questions about QBI?

I know, I know – you have been hearing so much about how we needed guidance, or we don’t know what is going to qualify for the 20% Qualified Business Income (QBI) deduction and please give us some help. So, as you may have heard, we received some help – in the form of 184 …

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Bonus depreciation and tax reform – 100% is the new 50%

Everyone loves a bonus – maybe it’s a bonus at work or a bonus punch on your loyalty card at your favorite coffee shop. Even the tax code can give you a bonus occasionally. That’s right. I’ve already managed to take you from the highs of getting an extra paycheck for your hard work all …

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Businesses say rushed tax bill needs lots of fixes

Hundreds of industry associations and businesses recently formed a broad coalition to urge United States Treasury Secretary Steven Mnuchin to resolve several errors that have come to light in last year’s tax code overhaul related to rules on depreciation and net operating loss carrybacks. It’s the result of what some say was hastily drafted legislation …

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Trends in Daubert challenges

The professionals who testify as experts – and the attorneys who retain them – are likely very familiar with the “Daubert Standard,” as challenges to experts and their testimony has become more and more commonplace since the 1993 U.S. Supreme Court ruling in Daubert v. Merrell Dow Pharmaceuticals, Inc. and the 1999 ruling in Kumho …

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New fiduciary fund accounting: are you prepared?

The way governments have reported their fiduciary activities has varied at times and sometimes, they are not reported at all. GASB Statement 84 aims to correct this as well as other items effecting the fiduciary accounting world. Now is the time for an evaluation of all your activities to determine whether this GASB statement will …

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Benford’s Law and the mysteries beneath the numbers

Accounting is centered on numbers. Every day accounting journal entries full of numbers are recorded, accumulating as each day passes. By year-end, the general ledger will contain hundreds of thousands of entries, if not millions. As we roll up our sleeves to perform the year-end close, we are tasked with making sense of it all …

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Opportunity zone tax incentive – don’t miss out

While most of the attention for the 2017 tax legislations was focused on reduced tax rates and increased standard deductions, the new tax law also included a tax incentive to spur investments in distressed areas throughout the United States. The Opportunity Zone Tax Incentive provides temporary deferral of inclusion in gross income for gains reinvested …

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Keeping track of your charitable donations for tax purposes

The fact is, making charitable contributions is a good way to give back to your community and can be deducted on your tax return. Let’s go over the details and major considerations that need to take place when donating items or money. Cash, checks + other monetary gifts Cash, checks or other monetary gifts are …

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Amazing inheritance stories – how some came into crazy fortunes

Who hasn’t purchased a lottery ticket and then spent the next few days, or the remaining hours before the big draw, dreaming about how you will spend the millions of dollars you are going to win. All the extravagant vacations, homes, cars, opportunities to share with family and friends, dance before your eyes! But are …

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6 Steps to know when you want to sell your business

If you’re a business owner and preparing to sell soon, these six steps will prepare you for an orderly and well-orchestrated process: Identify your personal and business goals. For most business owners, much of their personal wealth is in their business. Therefore, it is important to integrate your personal and business goals. Start by speaking …

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