Blog

The Benefits of Job Costing for Developers & Contractors

We have all heard the expression that as business owners, we need to spend time working “on the business” instead of “in the business." There is no exception to this for real estate developers and contractors. In fact, given how a single project’s performance can make or break a year, it is even more vital…
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Non-Profit Revenue Recognition Update from FASB

Translating for-profit language into the non-profit world can sometimes lead to confusion. When accounting regulations using terms like “customers” and “contracts” apply to organizations of all types, it may leave non-profit leaders scratching their heads as to how to apply revenue recognition rules accurately. To help with this problem, a significant update- which includes clarifying…
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South Dakota v. Wayfair, Inc – SCOTUS Decides Online Sales Tax Case

For more than 25 years businesses have safely avoided collecting, reporting and remitting sales tax in South Dakota and other states where their only business connection was nothing more than delivering purchases to customers who happen to live far away. Early on, these purchases were mostly tangible items ordered from catalogs. Today, digital goods or…
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IRS Releases Tax Reform Regulations

The IRS has just provided us with some summer reading that might finally begin to give us guidance on parts of the tax provisions enacted in the TCJA last December. We’re early in the process of fully digesting this guidance, but wanted to at least share the highlights of two of the provisions that will…
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Is more tax reform on the horizon?

President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline or framework of…
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Tips for Obtaining Small Business Financing

As you find your business growing and expanding the need for capital comes up, and more often than not, you’re in need of cash that you don’t have. It’s estimated that 69% of all businesses have obtained financing of some sort, between bank loans, credit cards, or even venture capital funds. Obtaining these funds is…
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Do I have a Reportable Foreign Bank Account for FBAR? 

One of the most common overseas investments of U.S. individuals and companies is a simple bank account.  Whether opened while living overseas, operating a business in a foreign country, renting non-U.S. real estate or for any other reason, an reportable foreign bank account, even if never touched, represents a mountain of risk thanks to FBAR.…
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Updated Financial Statement Model for Nonprofit Entities

It has been 25 years since accounting standards changed the way nonprofit entities (NFPs) present their financial statements. The FASB has rolled out an update with new financial reporting requirements applying to all nonprofits effective for years ending December 31, 2018. These changes will both reduce confusion surrounding net asset restrictions and create transparency about…
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Asset Sale vs. Stock Sale: The Right Choice for Your M&A Deal

The merger and acquisition market is strong, and some experts don’t see a slowdown anytime soon.  One question most business owners know to ask is whether an asset sale or a stock sale would be preferable.  “Complicated” is an understatement when it comes to understanding the numerous economic decisions that a business owner needs to…
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Foreign Account Tax Compliance Act (FATCA) Overview

The 2010 Foreign Account Tax Compliance Act (FATCA) contains provisions designed to ensure U.S. taxpayers pay taxes on income from foreign accounts.  The final regulations related to the FATCA provisions were issued in January 2017.  There were no significant changes from the proposed regulations.  We want to provide a re-cap of the regulations and provide…
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