Monthly Archives

December 2018

Audit & Accounting
December 17, 2018

A fresh look at percentage of completion accounting

How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded…
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Tax
December 13, 2018

Year-End Tax Planning under the New Tax Act

The Tax Cuts and Jobs Act (TCJA) created many changes to the tax code. As a result, tax planning for 2018 will be different. Here is what you need to know as we approach the end…
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Audit & Accounting
December 11, 2018

Why revenue matters in an audit

For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s…
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Tax
December 6, 2018

Tax reform expands availability of cash accounting

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses…
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Tax
December 5, 2018

Buy business assets before year end to reduce your 2018 tax liability

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them…
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Audit & Accounting
December 2, 2018

LIFO Lesson Learned

You have choices when it comes to reporting inventory costs. One popular technique — the last-in, first-out (LIFO) method — assumes that merchandise is sold in the reverse order it was acquired or produced. That…
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