What’s in the Fiscal Responsibility Act?
With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act. Continue Reading What’s in the Fiscal Responsibility Act?
Why some small businesses are switching to tax-basis reporting
Are you fed up with all the recent accounting rule changes? For many private companies, the new lease standard that went into effect in 2022 was the last straw. Here’s an alternative reporting framework to consider. Continue Reading Why some small businesses are switching to tax-basis reporting
Advantages and disadvantages of claiming big first-year real estate depreciation deductions
If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider. Continue Reading Advantages and disadvantages of claiming big first-year real estate depreciation deductions
Reduce the impact of the 3.8% net investment income tax
In addition to regular income tax, high-income taxpayers may face the 3.8% net investment income tax. This article explains who the tax applies to, as well as some strategies to minimize it. Continue Reading Reduce the impact of the 3.8% net investment income tax
Benefits of a living trust for your estate
You’ve probably heard that you should avoid probate in estate planning. But what does that mean and how is it done? Continue Reading Benefits of a living trust for your estate
FASB votes to exempt private companies from disaggregation of income statement project
As costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB’s project to up the ante on expense disclosures. Continue Reading FASB votes to exempt private companies from disaggregation of income statement project