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FASB Simplifies Goodwill Impairment Testing . . . Again

By |February 6th, 2017|

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.

Never Miss an Important Date With This 2017 Tax Calendar

By |February 1st, 2017|

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 “Manufacturers Deduction” Isn’t Just for Manufacturers

By |January 31st, 2017|

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: Less Beneficial Than You Might Think

By |January 24th, 2017|

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.

Be Cautious With Hard-to-Value IRAs – January 2017

By |January 18th, 2017|

A new year begins with celebrations, resolutions, and dual IRA opportunities. Most workers and their spouses have until April 18, 2017 (April 19 in some states), to contribute to an IRA for 2016. At the same time, contributions to 2017 IRAs are now permitted; the earlier money goes into the account, the more time for

Deduction for State and Local Sales Tax Benefits Some, But Not All, Taxpayers

By |January 17th, 2017|

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.

File Early to Help Prevent Tax Identity Theft

By |January 10th, 2017|

Do you start thinking about filing your tax return when it gets close to the April deadline? You might even want to file for an extension so you don’t have to send your return in until October. But filing early can help protect you from tax identity theft, a growing scam in which thieves file bogus returns using victims’ Social Security numbers. Learn more in this blog post.

Key 2017 Tax Deadlines for Businesses and Other Employers

By |January 4th, 2017|

Stay on top of your taxes in 2017. This blog post details a few key tax-related deadlines for businesses and other employers during the first quarter of 2017.

Few Changes to Retirement Plan Contribution Limits for 2017

By |January 3rd, 2017|

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. If you aren't maxing out your contributions already, though, you still have the opportunity to save more in 2017. Learn more in this blog post.

21st Century Cures Act Clears the Way for Small Businesses to Offer Standalone HRAs

By |December 21st, 2016|

The 21st Century Cures Act, signed into law on December 13, 2016, includes good news for small businesses that have been prohibited in recent years from providing their employees with HRAs. Specifically, beginning January 1, 2017, qualified small employers can use HRAs to reimburse employees who purchase individual insurance coverage, rather than providing employees with costly group health plans. This article explains why small employers were unable to offer “standalone” HRAs to employees and details the new QSEHRAs.