The Financial Accounting Standards Board (FASB) recently issued ASU 2019-10, extending the deadline for privately held businesses and not-for-profit organizations to comply with new accounting standards for recognizing leases and credit losses. Both standards were introduced in 2016 in an effort to improve financial reporting transparency and to provide readers of financial statements with a […]
Posted on December 03, 2019
by
Jeffrey Mutnik
The IRS recently announced the annual inflation adjustments to various provisions of the tax code for 2020. Taxpayers should consider these changes very carefully as they plan for tax efficiency in 2020 and when they prepare to file their 2020 tax returns in 2021. It is also for taxpayers to keep in mind that these […]
Posted on November 12, 2019
by
Karen Lake
The Florida legislature recently voted to again reduce the sales tax that commercial real estate owners charge and receive from tenants to 5.5 percent in 2020 from its current rate of 5.7 percent. Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage for motor […]
Posted on October 31, 2019
by
Edward Cooper
Businesses that own rental property and are organized as pass-through entities, such as S corporations, partnerships or LLCs, may have a unique ability under the Tax Cuts and Jobs Act (TCJA) to potentially obtain a deduction for up to 20 percent of the qualified business income (QBI) they generate from leasing real estate. Section 199A of the tax […]
Posted on October 22, 2019
by
Daniel Hughes
Business sales, mergers and acquisitions involve a delicate dance between sellers, hoping to receive the maximum amount for their companies, and buyers, who want to ensure that the price they pay aligns with the reality of the business’s current operations and ongoing financial performance. A critical component of a buyer’s due diligence process has been […]
As we enter the final quarter of 2019, savvy business owners are taking the time to review their recent performance and evaluate whether or not their existing strategies will serve them in the year ahead. For many business owners, this assessment will result in changes to current plans and prompt them to expedite the timing […]
Private companies and nonprofit organization struggling to adopt the new lease accounting standard (ASC 842) are getting a reprieve from the Financial Accounting Standards Board, which voted to delay the effective date of compliance by one year to Jan. 1, 2021. Affected entities should use the additional time to consider how they can more effectively […]
Posted on September 24, 2019
by
Karen Lake
The U.S. Supreme Court’s 2018 decision in South Dakota v. Wayfair has had far-reaching impact on the state and local sales tax (SALT) obligations and previous competitive advantages of online and foreign businesses that sell products into the U.S. The court’s ruling eliminated the prevailing physical presence test, which required sellers to collect sales tax […]
Posted on September 18, 2019
by
Adam Cohen
Small-business owners who use a portion of their homes regularly and exclusively for business purposes may qualify for a home office deduction that can help them save money of their taxes and improve their bottom line. For purposes of claiming this deduction, a home is defined as a house, apartment, condominium, mobile home, boat or […]
Posted on September 16, 2019
by
Michael Hirsch
Under new guidelines issued by the Florida legislature, corporate income and franchise tax filers in the state have an additional information-reporting requirement for taxable years beginning during the 2018 and 2019 calendar years. To avoid a late-reporting penalty equal to the greater of $1,000 or 1 percent of the tax due, taxpayers that already filed […]
