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TAX & ACCOUNTING TALK FROM MPS

The MPS|CPA accounting blog is your home for thoughts on industry trends and issues, news from around the financial world, and much more.

Do You Need to File a 2016 Gift Tax Return by April 18?

Do you need to file a 2016 gift tax return by April 18? The answer depends on the situation, type of gift, and value of the gift. Learn more about requirements and deadlines in our blog post.

By |February 14th, 2017|Categories: Blog, Estate and Gift Taxes|0 Comments

What You Need to Know About ISO Tax Treatment

Got incentive stock options? A series of complex rules governs their tax treatment. In our latest blog post, you'll learn all about when certain taxes are owed and how to avoid paying penalties.

By |February 7th, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

FASB Simplifies Goodwill Impairment Testing . . . Again

In January 2017, the FASB issued additional revised guidance for goodwill impairment testing that’s intended to make the process easier and less costly. The latest amendments establish a one-step process for testing goodwill for a decrease in value. This article explains what goodwill is, why and how companies test for goodwill impairment, and how the FASB has simplified the process over the years. Though companies welcome a simpler goodwill reporting model, some FASB members have expressed concerns about the latest update.

By |February 6th, 2017|Categories: Accounting Standards, Blog|0 Comments

Never Miss an Important Date With This 2017 Tax Calendar

With so many tax deadlines for businesses and individuals, it can be hard to keep track of what's due when. Stay on top of them all with this 2017 tax calendar, featuring important dates you need to know.

By |February 1st, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

The “Manufacturers Deduction” Isn’t Just for Manufacturers

The Section 199 deduction is often referred to as the “manufacturers’ deduction” because it’s intended to encourage domestic manufacturing. But construction, engineering, architecture, computer software production and agricultural processing businesses also may be eligible. Learn more about eligibility in this blog post.

By |January 31st, 2017|Categories: Blog, Business Planning|0 Comments

The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

The investment interest expense deduction may be less beneficial than you thought. Interest on debt used to buy assets held for investment, such as margin debt used to buy securities, generally is deductible for both regular tax and alternative minimum tax purposes. But interest you incurred to produce tax-exempt income, such as from municipal bonds, isn’t deductible. Learn more about this tax break in this blog post.

By |January 24th, 2017|Categories: Blog, Tax Breaks|0 Comments