News and Events

On most accounts, there has never been a better time to take the leap towards entrepreneurship in America. After all, there are have been several new initiatives that were part of the Tax Cut and Jobs Act of 2018 that helped introduce a single and flat corporate tax rate, new pass-through tax deduction, 100% bonus depreciation, increased automobile depreciation limits, and more. It just seems like everyone is rooting for small business owners. So, while there are numerous amounts of articles you will inevitably encounter as you search for guidance in starting a business (including several million on choosing the correct business structure), this one has one goal: helping you choose the right business entity for your new company. Keep in mind that we use the term “right” quite loosely as there may be several options for you at this point in your business that would be the best choice, and still other options that may be better as you grow, hire and earn more revenue. With that out of the way, we’ll seek to find the best match for your business and its owner(s).
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As we settle into April, it may be that you received notice that your accountant filed a personal tax extension on your behalf. But, what does this mean for you and why would your accountant do that? There are many reasons for filing an extension and, don’t worry, are often to your benefit.
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Accountants are often asked the difference between tax preparers, such as H&R Block, Jackson Hewitt, and Liberty Tax Services, and Certified Public Accountants (CPAs) during tax time in the US. These roles are often seen as similar when it comes to tax preparation, and so it’s useful to know the difference between the two. As the 2019 annual tax season begins, here is what you need to know about H&R Block-like services versus a CPA.
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Once all of the steps are completed in the framework of the FASB Accounting Standard concerning the Revenue from Contracts with Customers, then businesses can completely recognize the revenue. This final step recognizes revenue when or as the performance obligations are completed.

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Previously, we addressed Steps 1, 2, and 3 of the Accounting Standard Update (ASU) No. 2014-19, Revenue from Contracts with customers. This post moves on to Step 4, allocating the transaction price to the performance obligations in the contract. This, and one final, step addresses when and how much revenue should be recognized from business contractual obligations.

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Revenue from Contracts with Customers, ASU 2014-09, provides framework for businesses to gather revenue and know when and how to report revenue. We have a series of posts concerning the framework laid out in the accounting update; previous posts can be found on the introduction, Step One, and Step Two of this update. We continue now with Step Three: Determining the Transaction Price. This step contains provisions which vary from current accounting principles in the U.S. thus alterations in accepted accounting practices may be necessary.
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One of the most frustrating things that business owners have had to deal with regarding the Tax Cuts and Jobs Act (TCJA) is the uncertainty that has been surrounding the new tax law revisions and how they would affect taxpayers. If you have visited with your accountant or CPA firm over the past 12 months, it’s likely that you received a confident estimate of what your 2019 tax liabilities would be as your tax planning professional awaited the IRS to release a definitive set of guidelines. In mid-January of 2019, the Treasury Department, along with the IRS issued the final 2019 IRS guidelines and regulations, as well as, additional guidance on the new qualified business income (QBI) deductions.
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Now that the holidays are over and 2019 has started, have you thought about preparing for tax season? Probably, not.  We have some steps to help you gather documents needed to ensure that you do not miss any tax benefits and make the entire experience of processing your tax return easier.
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With the recent government shutdown and the opening of the 2019 tax season coming soon, did you wonder how that would affect the filing of your 2018 taxes? Maybe, or maybe not. Since no one knows for sure when the government will re-open, here’s what you need to know.
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Requirements within state sales tax regulations have changed. The Supreme Court reversed the law (Quill v. North Dakota) requiring retailers to have a physical presence within a state before the state can collect sales tax from businesses. South Dakota v. Wayfair overturned Quill v. North Dakota and opened the door for states to now collect and remit sales tax when business is conducted within their state without a physical presence.
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