Blog

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…
Read more

Tips for Obtaining Small Business Financing

As you find your business growing and expanding, the need for capital always 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…
Read more

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.…
Read more

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…
Read more

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…
Read more

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…
Read more

Supreme Court Ruling Impacts Taxation of Online Sales

In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the high…
Read more

TCJA Encourages Repatriation through US Cross-Border Tax Rule Changes

As part of the Tax Cuts and Jobs Act of 2017, Congress cut the corporate tax rate, with the intention of encouraging the repatriation of income held by US corporations offshore and stopping US corporations from moving jobs and capital offshore.  The principal US cross-border tax rule changes are the following: New deduction for dividends received…
Read more

IRS Changes to Mileage Rates and Moving Expenses

The IRS has provided more information concerning updates to moving, mileage and travel expenses.  The changes are the result of the Tax Cuts and Jobs Act, passed in December of 2017. The standard mileage deduction for 2018 will be 54.5 cents per mile, as previously announced.  This is up from 53.5 cents per mile in…
Read more

IRS Announces Timeline for TCJA Tax Reform Guidance

Recently IRS Commissioner Kautter announced a timeline for when to expect TCJA tax reform guidance.  Below is what was stated as timing for substantive updates for pass-through businesses, expensing provisions, and international provisions: Pass-Through Businesses The Internal Revenue Service will issue guidance to explain the tax law's 20 percent deduction for pass-through businesses by mid-to-late July.…
Read more