What is missing from your SEFA?

In addition to your many end of fiscal year document requirements, you’re also responsible for the Schedule of Expenditures of Federal Awards (SEFA).  Below is a list of items you’ll need to prepare the SEFA under Uniform Guidance as well as some helpful tips to ensure the information is complete and accurate. Tips for preparing …

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Kiddie tax changes under SECURE Act

Congress recently passed the SECURE Act which changed reporting for the Kiddie Tax in a taxpayer-favorable way. The “Kiddie Tax” is assessed on a child’s unearned income (think interest, dividends, capital gains, etc.) over a threshold amount. That amount is $2,200 for 2019 and 2020. The tax applies to dependents if they are under 19 …

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SECURE Act results in tax credit opportunities for employers

With the recent passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law, several tax credits originally set to expire at the end of 2019 have been extended through tax year 2020. Business owners should be aware of these potential tax saving opportunities, as the resulting dollar-for-dollar tax credits can be …

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New VIE guidance impacting private companies

Over the past seven years, the guidance for variable interest entities (VIEs) has evolved due to collaboration between the Financial Accounting Standards Board (FASB) and the Private Company Council (PCC). The list below depicts the evolution through FASB ASU No. 2014-07 and most recently FASB ASU No. 2018-17. Prior to FASB ASU No. 2014-07 Required …

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It’s Back – Deduction for Mortgage Insurance Premiums

Not specifically related to the sweeping Tax Cuts and Jobs Act (TCJA) that took effect for the 2018 tax year, the Schedule A deduction for mortgage insurance premiums (MIP.PMI) expired at the end of 2017.  However, in the evening of December 20, 2019 President Trump signed the Further Consolidated Appropriations Act, bringing the deduction back. …

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The home office deduction for small business owners

Are you a small business owner who works from home? If you are a self-employed individual who utilizes a portion of your home regularly and exclusively for business activity, and that area is your principal place of business, the home office deduction is available to you in 2019. Can you write that off? Find out! …

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The strangest taxes in history

Taxes are not everyone’s favorite topic especially if they didn’t benefit from the changes enacted in 2018. However, it can be fun to look back on some of the strangest taxes that have been charged (in history and present-day) to make you realize it could be worse! In history England once implemented a window tax …

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Form 1099-NEC: How Retro!

Here’s a blast from the past for those of us who were creating Forms 1099 in the early 1980’s. Form 1099-NEC is back! This form is not exactly the same as the last one used in 1982; the current form will be a primped up, more informative Form 1099 (read that as more boxes to …

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