Category Archives: Blog

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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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…
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LGA Welcomes Steven Smyth, CPA, MST, as Principal

LGA welcomes Steven Smyth to the firm as a Principal.  Drawing on his mix of public and private experience with some of the most recognizable organizations in the world, including ArthurAndersen, PricewaterhouseCoopers, and AIG, Steve is best known for his creative tax structuring and planning solutions when advising clients with a range of needs from…
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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…
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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…
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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.…
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Kathy Tighe Named Top 100 ProAdvisors for 2018

LGA is excited to be able to congratulate Kathy Tighe for the fifth time in a row as she is honored by Insightful Accountant as a Top 100 ProAdvisor of 2018! "Kathy has worked diligently to earn this recognition. She is motivated to stay current through continuous learning and development by her strong client relationships. …
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How the TCJA Benefits Real Estate Investors

The Tax Cut and Jobs Act (“TCJA”) has left real estate investors scrambling to understand how these changes impact them. Fortunately, there are a couple key provisions of this tax reform that real estate investors can benefit from that can yield significant tax savings in 2018 and beyond. For real estate held in a “pass through entity” which…
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