Insights
What will your marginal income tax rate be?
While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing status. Unmarried…
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How to Avoid Being Targeted for an Audit
By: Patricia Clark, CPA Tax audit. These two simple words are enough to strike fear and loathing into the hearts of many business owners. But, in reality, the Internal Revenue Service (IRS) won’t arbitrarily make your company the subject of an audit investigation. In fact, according to IRS.gov, out of the 196 million returns filed in…
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A refresher on major tax law changes for small-business owners
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns…
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A review of significant TCJA provisions impacting individual taxpayers
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on…
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6 last-minute tax moves for your business
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until…
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Preparing to Implement the New Revenue Recognition Standard?
By: Chris Lambert, CPA, CGMA, CCIFP and Danny R. Shobe, CPA, CCIFP In our last article we addressed the new Revenue Recognition standard effective for reporting periods beginning after December 15, 2017 for public companies and reporting periods beginning after December 15, 2018 for private companies. We discussed the 5-step process for implementing the new…
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Implementation of the New Revenue Recognition Standard
Author: Chris Lamber, CPA, CGMA, CCIFP and Danny R. Shobe, CPA, CCIFP In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09 known as the “New Revenue Recognition Standard”, with the purpose of making revenue recognition more comparable and consistent between industries and entities by recognizing revenues in a manner that reflects when goods…
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Construction Tax Reform Overview
By: Chris Lambert, CPA, CGMA, CCIFP, Bruce Lawson, CPA, PFS, and Danny Shobe, CPA, CGMA, CCIFP The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for many businesses. The changes are extensive, and this letter provides a high-level overview of some of the highlights to keep you informed. Due to…
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