Category

Small Business

Private Businesses Have More Time to Adopt New Accounting Standards for Leases, Credit Losses by Hector E. Aguililla, CPA


Posted on December 10, 2019 by Hector Aguililla

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 […]

Numbers Taxpayers Need to Know for 2020 by Jeffrey M. Mutnik, CPA/PFS


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 […]

Florida Again Reduces State Sales Tax on Commercial Real Estate Leases in 2020 by Karen A. Lake, CPA, CFST


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 […]

Rental Property Owners May Qualify for Pass-Through Business Tax Deduction by Edward N. Cooper, CPA


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 […]

Business Owners Increasingly Rely on Quality of Earnings Reports to Sell their Companies by Daniel S. Hughes, CPA/CFF/CGMA, CVA


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 […]

Exit Strategies for Business Owners by Judd Appel, ABV


Posted on October 21, 2019 by Richard Berkowitz

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 […]

Wayfair Decision Imposes New State Tax Burden on Foreign Businesses Selling into the U.S. UPDATED by Karen A. Lake, CPA


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 […]

Florida Mandates New Information Reporting Requirement for Corporate Taxpayers in the State by Michael Hirsch, JD, LLM


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 […]