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Monthly Archives: April 2017

The President Unveils Plans for Tax Reform by Barry M. Brant, CPA


Posted on April 27, 2017 by Barry Brant

The Trump administration yesterday introduced the key principles of what it is referring to as “the most significant tax reform since 1986” and “the biggest tax cuts in history.”  Central to the president’s plan are deep reductions in the corporate income tax rates and modest reductions in the individual income tax rates that are in […]

Tax Tips for Workers in the On-Demand, Gig Economy by Dustin Grizzle


Posted on April 26, 2017 by Dustin Grizzle

While the sharing economy has brought new and unique conveniences to consumers, it also provides supplemental income and potentially challenging tax issues for those individuals who provide on-demand services, including drivers for ride-sharing services, such as Uber or Lyft; hosts who rent out their homes on Airbnb; or freelancers who provide a range of needed […]

Gambling with Taxes by Rick D. Bazzani. CPA


Posted on April 25, 2017 by Rick Bazzani

Individual taxpayers who gamble for pleasure are subject to federal income taxes on their winnings. This includes not only the monetary spoils earned from playing lotteries or betting at casinos but also the fair market value of non-cash prizes, such as cars and trips. Similarly, individuals who are not so lucky may have an opportunity […]

When Can You Throw Away your Tax Records? by Joseph L. Saka, CPA/PFS


Posted on April 21, 2017 by Joseph Saka

Individuals and businesses who met their 2016 U.S. income tax responsibilities and filed their returns by the April and March deadlines can breathe a collective sigh of relief. However, these taxpayers must also recognize that the IRS has a right to question and audit their returns for three years after the initial filing date. This […]

FASB Announces New Methodology for Credit Loss Recognition by Robert Aldir, CPA


Posted on April 20, 2017 by Robert Aldir

The Financial Accounting Standards Board (FASB) recently issued a new standard for financial institutions and other businesses to follow when accounting for credit losses in financial instruments measured at amortized cost, including debt instruments, trade receivables, lease receivables, reinsurance receivables, net investments in leases, financial guarantee contracts and loan commitments. Accounting Standards Update No. 2016-13, […]

Businesses Must Comply with New Definition of a Business to Align with Revenue Recognition Standard by Christopher Cichoski, CPA


Posted on April 19, 2017 by Christopher Cichoski

The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that clarifies the definition of a business when used in transactions involving the acquisition, sale or consolidation of a business or assets. More specifically, ASU 2017-1 provides companies and reporting organizations with a narrower, less complex and less costly framework for making […]

Businesses Must Comply with New Definition of a Business to Align with Revenue Recognition Standard by Chris Cichoski, CPA


Posted on April 19, 2017 by Christopher Cichoski

The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that clarifies the definition of a business when used in transactions involving the acquisition, sale or consolidation of a business or assets. More specifically, ASU 2017-1 provides companies and reporting organizations with a narrower, less complex and less costly framework for making […]

Taxpayers with Stock-Based Compensation have Tricky Reporting Responsibilities by Lewis Kevelson, CPA


Posted on April 17, 2017 by Lewis Kevelson

Taxpayers who receive stock-based compensation, such as nonqualified stock options (NSOs), must carefully review both their year-end wage reports on Form W-2 and their brokerage transactions on Form 1099-B to identify the possibility of reporting duplicate items of income, which may ultimately result in an overpayment of taxes.   When selling NSOs, a taxpayer must […]

Taxpayers with Stock-Based Compensation have Tricky Reporting Responsibilities by Lewis Kevelson, CPA


Posted on April 17, 2017 by Lewis Kevelson

Taxpayers who receive stock-based compensation, such as nonqualified stock options (NSOs), must carefully review both their year-end wage reports on Form W-2 and their brokerage transactions on Form 1099-B to identify the possibility of reporting duplicate items of income, which may ultimately result in an overpayment of taxes.   When selling NSOs, a taxpayer must […]

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