Monthly Archives

September 2019

R&D Tax Credit | Farmer researching growth of plant in greenhouse. Agriculture concept.
Tax
September 26, 2019

R&D Tax Credit: The Best Tax Incentive You Might Be Missing

The truth is the Research & Development (“R&D”) Tax Credit is one of the most overlooked tax incentives in our current tax code system. A major reason for that is the swarm of misconceptions surrounding…
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SOC Report | Two men working in an office looking at a computer screen
Audit
September 24, 2019

Establishing Trust with a SOC Report

When it comes to outsourcing different services related to your financial records or customer data, it is critical to verify that the service organization has effective internal controls in place. This is where a System…
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Farmland and Red Tractor | Tangible vs intangible
Accounting
September 20, 2019

Spotting the Differences Between Tangible vs Intangible Assets

In August 2019, Financial Accounting Standards Board (FASB) member Gary Buesser issued a quarterly report on the status of reporting internally generated intangible assets. While change is unlikely anytime soon, the report did shine a…
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Two business men shaking hands in an office space | Potential FASB Updates Put the Spotlight Back on Goodwill Accounting
Accounting
September 18, 2019

Goodwill Accounting and Potential FASB Updates

In July, the Financial Accounting Standards Board (FASB) announced they were considering making adjustments to the accounting protocol for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill. The FASB issued…
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Anxious man in a coffee shop | IRS Fresh Start Program
Tax
September 13, 2019

Have Significant Tax Debt? The IRS Offers a Fresh Start Program

Life is full of unexpected moments and changes that can have a dramatic effect on your life. Some may inhibit your ability to pay the money you owe the Internal Revenue Service (IRS). For filers…
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Mother and Daughter Happily Baking Together | Claim Your Parent as a Dependent to Maximize Tax Breaks
Tax
September 11, 2019

Claim Your Parent as a Dependent to Maximize Your Tax Breaks

The Tax Cuts and Jobs Act (TCJA), passed in 2017, eliminated or modified a number of provisions. However, in their place, the TCJA created new options to reduce taxable income or tax liability. Provisions related…
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The Future of Boy Scouts in Orange County Clipping from the OCBJ
News
September 10, 2019

The Future Of Boy Scouts In Orange County

Squar Milner Financial Services' own Deborah L. Harrington will become the first ever female chair in the 100 year history of the Orange County Council, Boy Scouts of America. Check out her article in the…
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Row of Buildings in New York - Deciphering the Qualified Business Income Deduction as it Relates to Rental Real Estate
Tax
September 9, 2019

Deciphering the Qualified Business Income Deduction as it Relates to Rental Property

The passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 instituted a new section of the Internal Revenue Code (IRC). Section 199A introduced the 20% qualified business income (QBI) deduction for certain…
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Los Angeles cityscape during the day | LLC vs. S Corp: A Closer Look at LLCs and S Corps in California
Consulting
September 4, 2019

California LLC vs. S Corp: A Closer Look at LLCs and S Corps in California

For a long time, small business owners elected to operate their business as an S corporation (S corp) due to the many tax advantages. An S corp carries limited liability for owners and no double…
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Woman doing online shopping | Wayfair and Out of State Sales Tax: One Year Later
Tax
September 3, 2019

Wayfair and Out of State Sales Tax: One Year Later

With over 10,000 sales jurisdictions across the United States and the ever-increasing amount of online retailers, sales tax – especially across state lines – is a topic becoming more and more relevant. This holds true…
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