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.
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.
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.
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.
If you live in a locale with no or low income taxes or you purchased a major item (such as a car or boat) in 2016, you might save more tax by deducting state and local sales taxes in lieu of state and local income taxes. Learn more about how this tax break works and whether it can benefit you in this blog post.