Monthly Archives

August 2019

Empty warehouse | Discontinued Operations
Tax
August 29, 2019

Discontinued Operations: Simplifying the Process

In general, financial reporting focuses on the results of continuing operations. However, sometimes businesses sell or end a product line or another component. If such a transaction satisfies certain criteria under U.S. Generally Accepted Accounting…
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Man holding a bitcoin | Cryptocurrency Taxes and the Potential IRS Crackdown
Tax
August 27, 2019

Bitcoin, Taxes and the Potential IRS Crackdown

Since the launch of Bitcoin in 2009, it and other virtual currencies are gaining popularity. As of February 2019, there were over 17.53 million bitcoins in circulation with a total market value of approximately $63…
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Elderly Businessmen having a meeting | Critical Audit Matters: The Most Important Change to Audit Reporting
Audit
August 22, 2019

Critical Audit Matters: The Most Important Change to Audit Reporting

In June 2017 the Public Company Accounting Oversight Board (PCAOB) issued perhaps the single most meaningful change to the auditor’s report since the 1940s. The new PCAOB auditing standard, dubbed AS 3101, includes the communication…
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Home office | Capitalizing on Your Home Office Deduction
Tax
August 19, 2019

Capitalizing on Your Home Office Deduction

With the rise of technology, we are able to email, file share, video conference and more without ever having to step foot in a traditional office setting. Between technological advancements and greater self-employment opportunities in…
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Several concerned business people in a meeting | Section 163(j): The Business Interest Expense Limitation
Tax
August 15, 2019

The New Business Interest Expense Limitation and What It Means for You

The 2017 passage of the Tax Cuts and Jobs Act (TCJA) imposed a new limitation, known as “section 163(j) limitation”, on deductions for business interest expenses. Prior to the TCJA, section 163(j) of the Internal…
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Happy nurse taking care of a small girl | HRA vs. HSA: Understanding Your Healthcare Options
Consulting
August 12, 2019

HRA vs HSA: Understanding Your Healthcare Options

In 2010 President Barack Obama officially signed the Affordable Care Act (ACA) into effect, thereby requiring employers with at least 50 employees (or full-time equivalents) to provide health benefits and pay for a significant portion…
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Several business people at a meeting - aerial view | FASB and the Latest Accounting Standards Proposals
Tax
August 7, 2019

FASB and the Latest Accounting Standards Proposals

On July 17, 2019 the Financial Accounting Standards Board (FASB) voted to delay several major accounting standards – including credit losses, leases, hedging and long-duration insurance contracts – for private companies, nonprofits and smaller reporting companies.…
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Man working at his desk doing calculations and audit preparation | 5 tips for successful audit preparation
Audit
August 6, 2019

Audit Preparation: 5 Tips for a Successful IRS Audit

It is routine practice for the Internal Revenue Service (IRS) to perform audits. While an IRS audit typically carries a negative connotation, designation for an audit is not a steadfast indicator of any wrongdoing. In…
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