Archive

Monthly Archives: October 2018

Businesses Face Complex Rules for New Interest Expense Deduction in 2018 by Andreea Cioara Schinas, CPA


Posted on October 25, 2018 by Andreea Cioara-Schinas

Despite the generous tax breaks that the Tax Cuts and Jobs Act (TCJA) delivers to most businesses, the new law also introduces a few unfavorable provisions, including a significant limit on the deductions that certain businesses can claim as business interest expense. Changes to Regulations Prior to the TCJA, most businesses generally could deduct 100 […]

4 Reasons Your Business Needs a Strategic Plan by Joseph L. Saka, CPA/PFS


Posted on October 25, 2018 by Joseph Saka

A business with the most innovative idea for solving a specific and immediate need for a majority of the population will likely fail if the owner and senior management team do not consider how and where they want the business to be five- or 10-years from now. Do the business’s mission and core values support […]

IRS Extends Tax Relief to Victims of Hurricane Michael by Jeffrey M. Mutnik, CPA/PFS


Posted on October 19, 2018 by Jeffrey Mutnik

Individuals who reside or own businesses in certain regions of Florida and Georgia, which the president declared as disaster areas following the October 7 landfall of Hurricane Michael, may qualify for various forms of tax relief from the Internal Revenue Services. The designated disaster areas in Florida are Bay, Calhoun, Franklin, Gadsden, Gulf, Hamilton, Holmes, […]

The ABCs of IRAs by Nancy M. Valdes, CPA


Posted on October 11, 2018

Individual Retirement Arrangements, or IRAs, are financial accounts that taxpayers may set up with an IRS-approved financial advisor, financial institution or life insurance company to save money for retirement.  However, because not all IRAs are created equally, taxpayers should take the time to learn the following terms and definitions. A contribution is the money individuals put into their […]

Can I Deduct Interest on a Home Equity Line of Credit in 2018? by Joanie B. Stein, CPA


Posted on October 09, 2018 by Joanie Stein

With real estate values appreciating and interest rates still relatively low, an increasing number of consumers have been using the equity in their homes as collateral against lines of credit that they can use to immediately pay for large expenses, including home upgrades, medical bills, college tuition, and even lavish vacations. However, the new tax laws limit […]

New Lease Accounting Standards Require Advance Planning and Preparation by Whitney K. Schiffer, CPA


Posted on October 03, 2018 by Whitney Schiffer

Businesses across all industries are facing a serious time crunch to come onto compliance with two new accounting standards that will materially affect the financial metrics and performance they report in the future. While most private companies have focused the majority of their efforts on meeting the more time-sensitive deadline of Dec. 15, 2018, to […]