Tax Reform and Choice of Entity Considerations

  |  April 2, 2018

All pass-through entities, including partnerships and S corporations, should evaluate their choice of entity as a result of tax reform and the new reduced corporate tax rate of 21 percent (previously 35 percent). Converting from a pass-through entity to a C corporation requires thoughtful consideration, analysis, and planning. Read more. Read More

IRS Issues “Dirty Dozen” Tax Scam List

  |  April 2, 2018

The Internal Revenue Service has released its annual "Dirty Dozen" list of tax scams with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes.

This year's “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. The schemes can run the gamut from simple refund inflation scams to technical tax shelter deals. A common theme throughout these: Scams put taxpayers at risk. Read more. Read More

Connecting Risk and Strategy: How Are U.S. Organizations Handling ERM Today?

  |  March 21, 2018

A just-released survey from the Pool College of Management at NC State University reveals that about one-third (32%) of organizations in the U.S. survey group do minimal to no formal assessments of strategic, market, or industry risks.

The survey has been conducted each year since 2009, providing an opportunity to observe shifts in trends. It covers a broad range of industries and provides some useful insights about the level of sophistication in risk oversight, highlighting many of the challenges associated with strengthening it. An increasing number of U.S. organizations embrace the concept of enterprise risk management (ERM), but there is noticeable room for improvement in how they are managing the process.

Read more about the changes in the marketplace that are likely influencing this trend at the Journal of Accountancy. Read More

Contractors, Don’t Wait to Act on Revenue Recognition

  |  March 7, 2018

Jan. 1, 2019, is quickly approaching. For most privately held construction companies, this is the implementation deadline for the new revenue recognition standard, Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. The time to act is now, especially for contractors with projects lasting over 12 months. A contract that starts now, but extends into 2019, will be subject to the new standard. 

In discussing the implementation with many people in the industry, the responses range from “Can’t you just tell me what to do?” to “I just need to write a memo; we’re not changing anything.” Why is there such disparity in responses regarding the implementation of an accounting standard? Read more. Read More

How Tax Reform Will Impact Restaurants

  |  March 2, 2018

On December 22, 2017, the conference version of the tax reform bill was signed into law, marking the largest change to U.S. tax policy in decades.

With most of the provisions set to go into effect in 2018, it’s important that the restaurant industry review the changes that occurred during the conference process to understand the impact to their companies.

To help organizations navigate the key provisions affecting restaurants, we’ve summarized top considerations and implications. Read more. Read More

Top 10 Things Companies Need to Know About Tax Reform

  |  February 26, 2018

The $1.5 trillion new tax law represents the most sweeping change to tax code in a generation. Tax reform of this magnitude will have broad implications for businesses of all sizes and in all industries. While accountants and tax departments wade through the 185-page legislation, here are the top 10 things companies need to know. Read more. Read More

Tax Reform and Section 199A Deduction of Qualified Business Income of Pass-Through Entities

  |  February 26, 2018

On December 22, President Trump signed sweeping tax reform (the “Act”) into law. The Act provides the most comprehensive update to the tax code since 1986 and includes a number of provisions of particular interest to partnerships and their partners. This alert addresses the Section 199A deduction for qualified business income of pass-through entities. Read more. Read More

How the Tax Bill Impacts Homeowners

  |  February 19, 2018

The Tax Cuts & Jobs Act (TCJA) was approved by Congress December 20, 2017, and signed by President Trump on December 22, 2017. The Act impacts individuals and businesses in a way not seen in over 30 years. With most provisions effective 2018, it lowers individual and corporate tax rates, repeals numerous tax credits and deductions,... Read More

Indian Tax Extenders Included in Federal Budget

  |  February 12, 2018

The Bipartisan Budget Act of 2018, signed last week by President Trump, includes extensions of three tax incentives that benefit Indian employment and economic development on Indian reservations. These incentives had expired on December 31, 2016; the Budget Act extends them retroactively for one year through December, 2017. Read more. Read More

IRS Extends Deadline to Supply ACA Forms to Employees

  |  January 3, 2018

In IRS Notice 2018-06, the IRS announced an automatic 30-day extension of the 2018 due date for furnishing 2017 Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage). Employers now have until March 2, 2018 to distribute 2017 health coverage information forms to employees. Employees may use this information to determine whether they may claim the premium tax credit on their income tax returns. Read more. Read More