The Tax Cuts and Jobs Act expanded the eligibility of the cash method for businesses. Usually, if a business’s receivables exceed its payables, the cash method of accounting will allow more income to be deferred …Read More

 

Paying your taxes is serious—and the government wants you to know it. For the first time in years, Minnesota and Wisconsin now have a permanent director in the U.S. Attorney’s office dedicated to fighting tax …Read More

 

Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Sec. 179 expensing and bonus depreciation both allow an immediate deduction for the …Read More

 

TCJA Provisions: Research Credit May Be Available

If your company engages in qualified research activities, revisit the research credit to be sure you’re taking full advantage of its benefits. Changes under the TCJA could make the credit more valuable and/or available for …Read More

 

From bad debts to pending lawsuits, a company’s financial statements may not disclose everything stakeholders need to know to assess its financial health. What’s undisclosed on a company’s financial statements can be just as significant …Read More

 

Conducting Risk Assessments

Your auditor conducts an updated risk assessment every year when preparing financial statements. Learn how CPAs factor risk assessments into their audit procedures. 3-Prong Assessment Audit risk is a combination of three components: Control risk. …Read More

 

It’s getting to be that time of the year to review your business’s expenses for deductibility. The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many business …Read More

 

Who’s monitoring your licenses? Whether due to error or fraud, underpayments may happen when your company licenses intellectual property to others. An external audit can ensure accurate royalty payments. The agreement The parties’ attorneys usually …Read More

 

Independent Contractor vs. Employee: Worker Classification Matters Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t …Read More

 

Abstract:   Using a calendar year as a company’s tax year is often the simplest approach. But for businesses whose primary operating season doesn’t fall neatly within a single calendar year, choosing a fiscal year end …Read More