REDW | 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
REDW | 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
Alliance Benefit Group Southwest | March 26, 2018
The Internal Revenue Service reminds taxpayers that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by April 17, 2018.
An IRA is designed to enable employees and the self-employed to save for retirement. Most taxpayers who work are eligible to start a traditional or Roth IRA, or add money to an existing account.Read more. Read More
REDW | 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.
James Ortiz | March 16, 2018
New Mexico Governor Susana Martinez signed House Bill 245 on March 3, 2018, effective immediately. The main purpose behind this bill is to resolve the uncertainties that contractors have faced regarding cost segregation studies on construction for governmental entities, nonprofits, and industrial revenue bond projects. Read more. Read More
Gregory Garrett | March 16, 2018
During the past few months we have spoken with hundreds of companies’ chief executive officers (CEOs) from numerous U.S. and global industries, including financial services, healthcare, government contracting, automotive, manufacturing, private equity, and law firms, about the importance of cybersecurity. From these conversations, we have concluded that the three most frequently asked questions by CEOs are:
REDW Stanley Financial Advisors | March 9, 2018
To achieve your financial goals, your financial plan should be reviewed periodically to ensure it accounts for personal as well as macro-economic changes. This could not be more relevant given the recent passage of the Tax Cuts and Jobs Act. In fact, a recent poll conducted by the AICPA (American Institute of Certified Public Accountants) found that “three in five Americans said they’re very or somewhat likely to change their personal financial plans” as a result of the new federal tax law.
As you discuss your specific needs with your personal financial planner, the following article from the Journal of Accountancy details three strategies you may want to consider.
REDW | 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
REDW | 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.