Articles

Posted by: Rene Schaefer

The Tax Cuts and Jobs Act (TCJA) has significantly changed the mortgage interest rules. These changes are expected to have a tax cost of about $26 billion to individuals for 2018. Though the mortgage interest deduction is not gone, there is confusion about the new rules and who it applies to. If you can still […]

Posted by: Hillary Parker

Over the past several years, you may have read articles about the revised revenue recognition standards. Now, the time for implementation is nearly here. As a quick recap, the new revenue recognition standard (ASU 2014-09, also known as ASC 606) provides new requirements for recognition of revenue arising from contracts with customers, except in cases […]

Posted by: Troy Rector

Recently, we issued an article that provided an update from the Office of Management and Budget (OMB) on the National Defense Authorization Act (NDAA) of 2017. This update increased the micro-purchase threshold from $3,500 to $10,000 for certain types of entities. In addition, the National Defense Authorization Act of 2018 increased the micro-purchase threshold from […]

Posted by: Deby MacLeod

When the new revenue recognition standard came out, Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), it specifically excluded contribution revenue and investment returns. Therefore, it appeared that unless the organization had significant earned revenue, the standard would have little effect on many not-for-profit organizations. However, a consequence of ASU […]

Posted by: Karen Dunn

Now is a good time to update employee expense reimbursement plans, given changes brought about by the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018. The new law disallows tax deductions for some commonly reimbursed business expenses. Why is this important if your organization does not pay taxes? It is important because now […]

Posted by: Bob Heller

In a momentous decision that is likely to have far-reaching effects on retail commerce, the Supreme Court ruled 5-4 that states may require remote sellers (those without any physical presence) to collect and remit sales tax on sales to in-state residents and businesses. Although the Court’s choice to overturn 51 years of precedent was not […]

Posted by: Rene Schaefer

The Tax Cuts and Jobs Act (TCJA) provides substantial tax incentives for small businesses with average gross receipts of $25 million or less for the three prior years.  These incentives are especially applicable to small businesses with inventories, such as manufacturers, distributors and retailers. The three incentives that the TCJA allows for these types of […]

Posted by: Karen Dunn

Beginning in 2018, unrelated business taxable income (UBTI) must be computed separately for each unrelated trade or business. Net operating losses (NOL) from one unrelated trade or business may not be used to offset income from another unrelated trade or business. The unused NOL may be carried forward to future years but may only reduce […]

Posted by: Troy Rector

Update: The OMB has recently issued Memo M-18-18 to provide more guidance on both the NDAA of 2017 and the NDAA of 2018. Read our updated article here. Typically, the annual release of the Office of Management and Budget’s (OMB) Compliance Supplement is something that excites only auditors. However, this year’s edition offers guidance that auditees […]

Those who were using the Qualified Improvement Property (QIP) classification for bonus depreciation should take note of changes brought by the Tax Cut and Jobs Act (TCJA). Where We Were… Qualified Improvement Property (QIP) isn’t entirely new. The 2015 PATH Act created qualified improvement property, which is “any improvement to an interior portion of a building that […]

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