Insights2017-10-13T11:31:25+00:00

Tax Insights

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Sikich Series on Tax Reform: Impact of the “Tax Cuts and Jobs Act” on Private Equity

By |December 12th, 2018|Categories: Tax|

The guiding principles in the 2017 Tax Cuts and Jobs Act (“TCJA”) enacted in December 2017 were to create jobs, stimulate economic growth, and make American businesses more competitive in the global marketplace. The

New Jersey Offers Tax Amnesty Program Through January 15th (New Mexico’s Program Set to Expire on December 31st)

By |December 11th, 2018|Categories: Audit and Tax|

Businesses with New Jersey underreported taxes and/or unfiled tax returns may now qualify for a tax amnesty program that ends on January 15, 2019.  Program Breakdown   This program provides relief from state tax liabilities for tax returns due on/after February 1, 2009 and through September 1, 2017. Taxpayers can pay back

Sikich Series on Tax Reform: Guidance on Gifting – What It Means for Your Taxes

By |December 11th, 2018|Categories: Audit and Tax, Tax|

On November 20, 2018, the IRS issued proposed regulations which further clarified the taxation of past and future gifts under the new tax law. It provides guidance on how gifts will be treated in the future and how the tax will be mathematically calculated to

Sikich Series on Tax Reform: Impact of Tax Reform on Choice of Entity

By |December 6th, 2018|Categories: Uncategorized|

The question of entity choice is again top of mind for many business owners, given the many changes that became effective January 1, 2018. With change comes a lot of questions and we’ve outlined

Five 2018 Year-End Tax Tips and Planning Reminders for Individuals

By |November 28th, 2018|Categories: Tax|

This is the first full year with the impact of last year’s comprehensive tax reform legislation. The “Tax Cuts and Jobs Act” made significant changes for businesses and individuals. The goal was to promote economic growth, create more jobs, and make U.S. companies more competitive with the

Sikich Series on Tax Reform: IRS Issues Proposed Regulations on New Limits for Deducting Business Interest Expense

By |November 27th, 2018|Categories: Tax|

Among the stated principles in last year’s tax reform legislation, the “Tax Cuts and Jobs Act” (TCJA) was to promote economic growth, create new jobs, and make U.S. companies more competitive with companies around the

Sikich Series on Tax Reform: IRS Issues Guidance on New Opportunity Zone Incentive

By |November 27th, 2018|Categories: Tax|

Opportunity Knocks One of the lesser known provisions in last year’s Tax Cuts and Jobs Act (TCJA) may soon be a popular topic, as the new Opportunity Zones (OZ) offer a tax incentive for many

Tax Considerations for Real Estate Investors: How Does the Qualified Business Income Deduction Apply to Real Estate Businesses?

By |November 26th, 2018|Categories: Tax|

General Qualified Business Income Deduction Under the tax reform legislation passed in December 2017, individuals with business income from pass-through entities (partnerships, LLCs, S Corporations and sole proprietorships) may qualify for the new Qualified Business

Sikich Series on Tax Reform: Changes NOT Included in Tax Cuts and Jobs Act Offer Opportunity – LIFO Inventory Method

By |November 21st, 2018|Categories: Manufacturing, Tax|

An “Interest-Free Loan” from the Government - Compliments of LIFO Are you a manufacturer or distributor interested in an interest-free loan from the government? If so, then please complete the following short “loan” checklist to see if

Attention Manufacturers: You Probably Qualify for R&D Tax Credits

By |November 21st, 2018|Categories: Manufacturing, Tax|

In today’s competitive global marketplace, manufacturers must constantly innovate in response to evolving customer needs. The companies that do this will more than likely end up performing activities that qualify for Research and Development (R&D) tax credits.  Opportunities for Growth 

Sikich Series on Tax Reform: American Idle – Post Mid-Term Election Outlook on Taxes

By |November 9th, 2018|Categories: Tax|

The much anticipated 2018 mid-term elections are over. While there are still several unresolved races, there has been a change in Congress. As was expected, the House will move from a Republican majority to

Sikich Series on Tax Reform: IRS Guidance on New Credit for Paid Family and Medical Leave

By |November 9th, 2018|Categories: Tax|

Don’t “Leave” Money on the Table by Missing out on this New Tax Incentive The IRS issued guidance on September 24, 2018 related to the new employer credit for paid family and medical leave. This

New Custom Wisconsin Sales and Use Tax Exemption Certificate

By |October 30th, 2018|Categories: Tax|

The Wisconsin Department of Revenue (WDOR) recently made available a customizable electronic sales and use tax exemption certificate. According to WDOR’s website, taxpayers can “use the electronic certificate to claim an exemption from Wisconsin state,

How Will Like-Kind Exchanges (Trades) of Equipment Affect Farmers Under the New Tax Law?

By |October 26th, 2018|Categories: Audit and Tax|

Have you heard talk at the coffee shop or grain elevator that the new tax law will prevent you from a tax-free exchange of your farm equipment? Yes, it is true for exchanges completed after

Sikich Series on Tax Reform: House Passes Three Bills as Part of “Tax Reform 2.0”

By |October 3rd, 2018|Categories: Tax|

Tax Reform 2.0 Follow-up Earlier last month, the House Ways and Means Committee introduced and passed three separate tax bills referred to as “Tax Reform 2.0.” (Please click here for our earlier Sikich Insights tax article on the unveiling of Tax Reform 2.0).    Tax Reform 2.0 consists

Sikich Series on Tax Reform: IRS Update on Tax Treatment for Meals and Entertainment

By |October 3rd, 2018|Categories: Tax|

Delicious Deductions – IRS Provides Guidance on Tax Treatment of Meals and Entertainment You may recall that the “Tax Cuts and Jobs Act” (TCJA) last year eliminated the deduction for entertainment expenses incurred after December 31, 2017 (these had been 50% deductible), but meals

Sikich Series on Tax Reform: IRS Issues Guidance on New UBIT Rules for Exempt Organizations

By |September 28th, 2018|Categories: Audit and Tax, Not-for-Profit, Tax|

The Internal Revenue Service (IRS) recently released Notice 2018-67 (Notice) providing guidance for tax-exempt organizations on the treatment of Unrelated Business Income Tax (UBIT). The Notice offers guidance and clarification for tax-exempt entities in

Sikich Series on Tax Reform – New Deduction for Pass-Through Entities and Recent Proposed Regulations

By |September 28th, 2018|Categories: Audit and Tax, Tax|

Twenty for 20 (20-4-20) On August 8, 2018 the IRS released its much anticipated proposed regulations under new Section 199A  (the new 20% deduction for pass-through entities and sole proprietors). This is the deduction for “Qualified Business Income,” or “QBI” that was

Sikich Series on Tax Reform: The Tax Reform Act and How It Affects Business Succession Planning

By |September 13th, 2018|Categories: Tax|

Many business owners are considering the impact of tax reform on their organizations. Deciding what changes to make—if any—can present challenges. Common questions revolve around choice of business entity and the 20% pass-through deduction. As these questions come up or as business

Sikich Series on Tax Reform: Tax Reform 2.0 – Ways and Means Committee Releases Details of Plan

By |September 11th, 2018|Categories: Audit and Tax, Tax|

Many taxpayers and tax advisors are still digesting last year’s comprehensive tax reform bill, but Congress is set to begin its next round of tax legislation. Dubbed “Tax Reform 2.0,” the proposal was unveiled on September 10, 2018 by House Ways and Means Committee Chairman Kevin

Sikich Series on Tax Reform: IRS Releases Guidance for Tax-Exempt Organizations on New UBIT Rules for Separate Trades or Businesses

By |August 22nd, 2018|Categories: Audit and Tax, Not-for-Profit, Tax|

The focus on last year’s “Tax Cut and Jobs Act” (“TCJA”) was on business tax matters. There were, however, also several significant changes impacting Exempt Organizations (“EO”). One such change involved the tax treatment

Potential Relief for Not-for-Profit Organizations Expected to Pay Taxes on Transportation Fringe Benefits/Parking

By |August 16th, 2018|Categories: Not-for-Profit|

Effective since January 1, 2018 and under guidance of the Tax Cuts and Jobs Act of 2017, tax-exempt organizations will pay an Unrelated Business Income Tax (UBIT) on qualified transportation fringe benefits for employees. The

Sikich Series on Tax Reform: Tax Reform’s Impact on the Construction and Real Estate Industry

By |August 15th, 2018|Categories: Tax|

The Tax Cuts and Jobs Act (the Act) was signed into law by the President on December 22, 2017. The comprehensive reforms contained in the Act impact industries and businesses of all sizes. As the

Tax Considerations for Real Estate Investors Mini Series: “The Land of OZ” Opportunities with the New Opportunity Zone Incentives

By |August 13th, 2018|Categories: Tax|

You may recall that the “Tax Cuts and Jobs Act” enacted last year was a comprehensive tax bill impacting businesses of all sizes in every industry, as well as all individual taxpayers. As with many

Sikich Series on Tax Reform: IRS Releases Proposed Regulations on New 20% Pass-through Deduction

By |August 8th, 2018|Categories: Tax|

One of the pillars of last year’s “Tax Cut and Jobs Act” (“TCJA”) was to make the tax code more competitive with the rest of the world. This was accomplished by reducing taxes on businesses,

Sikich Series on Tax Reform: Another Round of Tax Legislation in 2018? Keep an Eye Out for Tax Reform 2.0

By |July 25th, 2018|Categories: Audit and Tax, Tax|

Last fall, Congress and the Administration enacted significant tax reform - the Tax Cuts and Jobs Act (“TCJA”). This was the first comprehensive tax bill in over 30 years. It was a major political challenge

U.S. Supreme Court Strikes Down Physical Presence Standard in Wayfair – States Begin To Respond

By |July 18th, 2018|Categories: Audit and Tax, Tax|

Whether or not your company has proactively addressed its state and local sales tax compliance requirements in the past, now is definitely the time to do so again (or for the first time as the

IRS Takes Closer Look at Exempt Organizations Employment Tax Compliance

By |July 17th, 2018|Categories: Accounting, Audit and Tax, Not-for-Profit|

The IRS is adding new areas of focus for employment tax examinations and tax-exempt organizations are being closely considered. The IRS Tax Exempt and Government Entities, fiscal year 2018 Work Plan will scrutinize exempt organizations

What Wisconsin Manufacturers Can Do About Personal Property Tax Assessments

By |July 3rd, 2018|Categories: Audit and Tax, Manufacturing|

The Wisconsin Department of Revenue (WDOR) is once again issuing personal property tax assessments. The 2017 Act 59 passed by Legislature brought into action a new personal property tax exemption for “machinery, tools and patterns.”

Tax Considerations for Real Estate Investors Mini Series: Can I Deduct My Losses?

By |June 28th, 2018|Categories: Audit and Tax|

Passive Loss Limitations and the Real Estate Professional Rules Many taxpayers own business real estate, whether directly or through ownership in a partnership or a limited liability company. It is common for real estate investments

Sikich Series on Tax Reform: New IRS Accounting Method Guidance May Impact Construction and Real Estate Businesses

By |June 7th, 2018|Categories: Uncategorized|

New IRS Guidance Allows Some Construction and Real Estate Businesses to Change Tax Accounting Method to Conform with New Financial Statement Revenue Recognition Rules Accounting methods are an integral piece of tax strategy for every

Sikich Series on Tax Reform: Tax Planning Strategies for Charities & Donors

By |May 23rd, 2018|Categories: Audit and Tax, Not-for-Profit, Tax|

The historic tax reform act signed by President Trump on December 22, 2017 impacts charities and their donors alike. These new rules will require more charities to have an open conversation with their donors about

HSA Contribution Limit: Changes and What It Means for You

By |April 23rd, 2018|Categories: Audit and Tax|

Under the Tax Cuts and Jobs Act, Health Savings Account (HSA) contributions for family coverage decreased from $6,900 to $6,850. The $50 reduction for employees with family coverage was applied immediately, which is why representatives

Sikich Series on Tax Reform: A Company’s Response to Tax Reform Legislation

By |April 11th, 2018|Categories: Tax|

On December 22, 2017, the “Tax Cuts and Jobs Act” (“TCJA”) was signed into law. This was comprehensive tax legislation—the first in over 30 years. The bill was designed to promote economic growth and create

Administration Announces New Tariffs – Analysis and Observations

By |March 29th, 2018|Categories: Audit and Tax, Manufacturing, Tax|

On March 8, 2018 President Trump announced global tariffs of 25% on steel imports and 10% on aluminum imports. The tariff was imposed under Section 232 of the Trade Expansion Act of 1962, which grants

Congress Passes Appropriations Bill with Several Tax Provisions

By |March 26th, 2018|Categories: Tax|

Early on March 23, 2018 Congress passed the Consolidated Appropriations Act, 2018 (H.R.1625 – “CAA” or the “Act”). This Act was a $1.8 trillion spending bill that also contained several tax provisions. While surprising many

Sikich Series on Tax Reform: “Grain Glitch” Gone – Congress Fixes Special Deduction with Cooperatives Impacting Farmers

By |March 26th, 2018|Categories: Audit and Tax, Tax|

The Consolidated Appropriations Act of 2018 (“CAA”) passed Congress and was signed into law by President Trump on March 23, 2018. The $1.3 trillion spending bill was “must pass” legislation that avoids a government shutdown.

Sikich Series on Tax Reform: Tax Reform Impact for Manufacturers and Distributors

By |March 19th, 2018|Categories: Audit and Tax, Tax|

Executive Summary The recently enacted “Tax Cuts and Jobs Act” will impact businesses of all sizes, in virtually all industries. There are a number of tax provisions in this new law that will have a

Sikich Series on Tax Reform: How the New Tax Law Will Affect Charitable Giving for Colleges and Universities

By |March 2nd, 2018|Categories: Audit and Tax, Tax|

Under the Tax Cuts and Jobs Act (the “Tax Act”), the new law preserves the deductibility of charitable contributions, restructures other itemized deductions, and increases the standard deduction. It is these factors that may make

Sikich Series on Tax Reform: Leveling the Playing Field for Pass-Through Entities: Overview of the New 20% Deduction for QBI

By |February 27th, 2018|Categories: Audit and Tax|

Executive Summary The recently enacted Tax Reform legislation provides tax relief for small business owners that operate their business as a pass-through entity in the form of a new tax deduction which is referred

Do I Convert Back to C Corporation, S Corporation or Not Convert At All?

By |February 27th, 2018|Categories: Audit and Tax, Tax|

We consistently get the question from clients and contacts about how the new tax law impacts them. For example, business owners want to know whether to convert back to a C Corporation due to the

ACA Extension granted for Issuance of Health Coverage Forms for 2017 to Individuals

By |February 7th, 2018|Categories: Accounting|

The IRS announced that it has extended the due date for employers to provide 2017 health coverage information to individuals. Insurers, self-insuring employers, and other coverage providers, and applicable large employers now have until March

Employee Benefit Provisions Impacted in the Tax Cut and Jobs Act (TCJA)

By |January 23rd, 2018|Categories: Accounting|

The recently enacted tax law included a variety of employee benefits. Below are some highlights to be aware of in the coming years: Individual Mandate Tax Penalty Elimination (Effective 2019): The new law reduces the individual

Sikich Series on Tax Reform – Estate Planning After Tax Reform: Does This Mean I Don’t Need to Do Anything Unless I’m Rich?

By |January 23rd, 2018|Categories: Audit and Tax|

On December 22, 2017, Congress and the White House signed Tax reform into law marking the most sweeping overhaul of the tax code in 30 years. Among the topics that received much attention leading up

Sikich Series on Tax Reform – The New Landscape of U.S. International Tax under Tax Cuts and Jobs Act of 2017

By |January 17th, 2018|Categories: Audit and Tax|

On December 15, 2017, the House and Senate Conference Committee released an updated version of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”).  On December 20, 2017, Congress gave approval to the

Sikich Series on Tax Reform – Tax Cuts and Jobs Act Includes Significant Changes for Tax-Exempt Organizations

By |December 21st, 2017|Categories: Audit and Tax|

The passing of the tax reform bill means a new tax landscape for numerous businesses, individuals, and not-for-profit organizations. Congressional leaders and the administration announced their plans when they introduced a “tax framework” for reform

Sikich Series on Tax Reform – Congress Passes Historic Tax Reform Package

By |December 20th, 2017|Categories: Audit and Tax|

On what is now a historic day, Congress fulfilled its promise of delivering comprehensive tax reform before the New Year. After some last minute glitches, the “Tax Cuts and Jobs Act” (H.R. 1) was approved

Sikich Series on Tax Reform – House-Senate Conference Adopts Compromise Tax Reform Bill

By |December 15th, 2017|Categories: Audit and Tax|

 Legislation Set for Final Votes in Congress Next Week The “Tax Cuts and Jobs Act” (H.R. 1) is one step closer to passage. The House-Senate Conference has completed its work of reconciling the two separate

Filing EO Applications? Expect These Changes in Early 2018

By |December 13th, 2017|Categories: Not-for-Profit, Tax|

If you’re filing EO applications next year, you may see some additional questions and boxes on your forms. Soon, the IRS will revise Form 1023, “Application for Recognition of Exemption Under Section 501(c)(3) of the

Sikich Series on Tax Reform – Tax Reform Moves to House-Senate Conference

By |December 8th, 2017|Categories: Audit and Tax, Tax|

On December 4, 2017, the House voted to send its tax bill to a House-Senate Conference, and appointed their conferees. Just two days later, the Senate did the same, also appointing their conferees. It should

The 5 Steps Construction Contractors Need to Know for the New Revenue Recognition Standard

By |December 7th, 2017|Categories: Tax|

Accounting prophets have been wandering the Generally Accepted Accounting Principles (GAAP) wilderness the past several years, proclaiming the end of revenue recognition as we know it. However, revenue recognition standards are anything but standard across

Sikich Series on Tax Reform – Tax Reform Moves Ahead – Senate Passes Its Tax Legislation

By |December 2nd, 2017|Categories: Uncategorized|

Tax reform took a major step forward early this morning as the Senate passed its version of tax reform legislation by a vote of 51-49. After several anxious days of debate and negotiations, the Republican

Sikich Series on Tax Reform – Proposed Tax Reform Legislation Impacting Construction and Real Estate Businesses

By |November 27th, 2017|Categories: Audit and Tax|

As we have seen in the news, tax reform is the focus of the House and Senate; the House passed its version of tax reform, “Tax Cuts and Jobs Act” (“H.R. 1”) by a vote

Sikich Series on Tax Reform – Tax Reform Pushes Forward in Congress – Bill Passes the House and Moves Ahead in Senate

By |November 17th, 2017|Categories: Uncategorized|

House Action The first major vote on tax reform is over. The House passed its tax reform legislation bill, also known as the "Tax Cuts and Jobs Act" (H.R. 1) on Thursday, November 16, 2017

Sikich Series on Tax Reform – Proposed International Tax Reform – House and Senate Proposals

By |November 16th, 2017|Categories: Uncategorized|

On Nov. 2, 2017, the House released its proposed tax reform bill, and the Senate issued its version of the tax reform proposal exactly one week later. While the tax reform bill passed through the

Sikich Series on Tax Reform – Tax Reform Legislation Moves Forward on Two Fronts

By |November 10th, 2017|Categories: Uncategorized|

Tax reform took another step forward on two fronts on November 9, 2017. First, the House Ways and Means Committee finalized work on the “Tax Cut and Jobs Act” (“H.R. 1”). The committee approved this

Sikich Series on Tax Reform – Tax Reform Legislation Released

By |November 2nd, 2017|Categories: Audit and Tax, Tax|

Ways and Means Committee Chairman Kevin Brady introduced today the long-awaited details on comprehensive tax reform. The release had been pushed back one day from the originally scheduled November 1, 2017 date. The proposed bill

The Tax Exempt and Government Entities Division Releases Fiscal Year 2018 Work Plan

By |November 2nd, 2017|Categories: Uncategorized|

The Internal Revenue Service’s (IRS) Tax Exempt and Government Entities (TE/GE) Division announced its work plan for fiscal year (FY) 2018. In this work plan, there is an underscored focus on private benefit, private inurement,

Sikich Series on Tax Reform – Tax Reform Update: Special Alert October 26, 2017

By |October 26th, 2017|Categories: Tax|

Budget Adopted by Congress – Legislative Process for Tax Reform Begins Following the unveiling of the Tax Reform Framework at the end of September, there are four major legislative hurdles that must be passed for

Beware – Selling Through an Online Marketplace Seller Program Can Create Multiple State Filing Requirements

By |October 26th, 2017|Categories: Uncategorized|

The Problem Where is the Inventory Located? Many businesses that sell their products online are not responsible for collecting sales taxes or having to file state income tax returns in states where they do not

Sikich Series on Tax Reform – Framework on Tax Reform Released by the Administration and Congressional Leaders

By |September 27th, 2017|Categories: Uncategorized|

After several months of speculation, the Administration and Congressional leaders unveiled their tax reform plan on September 27, 2017. Tax reform has been in the works behind the scenes for months (and some parts of

Governor Signs Bill to Extend and Revise Illinois EDGE Tax Credit Program

By |September 19th, 2017|Categories: Uncategorized|

With the recent news of the FoxConn multi-billion deal to start operations in Wisconsin, it became apparent to the Illinois legislature that having key incentives in place is an important factor to induce companies to

Considerations Regarding the New Partnership Audit Rules for 2018 and Beyond

By |August 28th, 2017|Categories: Uncategorized|

BBA’s Changes Taking Effect Soon The Bipartisan Budget Act of 2015 (BBA, signed into law on November 2, 2015) covered a variety of items, but one of the most significant items was the enactment of

Sikich Series on Tax Reform – Tax Reform Eclipses ACA Repeal Now on Capitol Hill

By |August 18th, 2017|Categories: Uncategorized|

A key item on the Republican agenda this year was the repeal and replacement of the Affordable Care Act (ACA). While legislation passed in the House, it failed in the Senate. It is uncertain what

Late on Filing Health Insurance Coverage Forms? IRS Notices Require Prompt Action

By |August 3rd, 2017|Categories: Uncategorized|

The IRS recently released notices to Applicable Large Employers (ALE) who have failed to deliver employee statements to their staff and file them with the IRS. The IRS-issued notices address health insurance coverage employee statement

Wellness Plan Incentives Can Have Unhealthy Tax Consequences

By |August 3rd, 2017|Categories: Uncategorized|

As more companies seek to offer wellness programs or incentives to their employees, issues and confusion concerning the taxability of health-related programs emerge. Guidelines outlined by the IRS address the problem at hand, allowing employers

Auto-IRA Initiative in Illinois Meets Exemption Challenges

By |August 3rd, 2017|Categories: Uncategorized|

Illinois may face challenges during attempts to implement a binding, state-based auto-individual retirement account (IRA) program for private employers. During the initial proposal of a payroll-deduction auto-IRA, Illinois government officials aimed to create a state-run

Herding Skinny Elephants – ACA Repeal Effort Fails in Senate

By |July 28th, 2017|Categories: Uncategorized|

ACA Update 5.0 As you may recall, the House Republican leadership struggled corralling its members into moving forward with the Affordable Care Act (ACA) repeal legislation earlier this year. The Senate GOP leaders found it

Considering trading your equipment on a lease? Understand the tax rules, risks and rewards

By |July 26th, 2017|Categories: Uncategorized|

Understanding the tax rules, risks and rewards will help with smarter leasing The art of tax planning can be tricky – especially when it comes to the minutia of business decisions, like trading in your

ACA Repeal Unveiled in the Senate Could Set the Stage for Some Early 4th of July Fireworks in Washington

By |June 23rd, 2017|Categories: Uncategorized|

After months of rumors and anticipation, the Senate finally unveiled on June 22, 2017 its ACA repeal bill; named the “Better Care Reconciliation Act of 2017” (BCRA). The Senate bill is similar, but not identical,

First Look at the Tax Reform Plan Proposal Released by the Trump Administration

By |April 28th, 2017|Categories: Uncategorized|

Potential Impact to Individuals and Businesses Unveiled Touted by the Trump Administration as the “biggest individual and business tax cut in American history,” the highly anticipated tax reform proposal was unveiled this week. The plan,

“Herding Elephants” – Legislation to Repeal and Replace ACA Fails in the House

By |March 28th, 2017|Categories: Uncategorized|

ACA Update 2.0 With the recent news of the failed attempt to repeal and replace the Affordable Care Act (ACA), many are wondering, “What now?” It’s important to review all that has happened, to predict

21st Century Cures Act for Small Businesses Signed into Law

By |December 15th, 2016|Categories: Uncategorized|

Employees Now Eligible to Receive Medical Reimbursements President Obama signed the 21st Century Cures Act for qualified small business Health Reimbursement Arrangements (HRA) into law recently. The Act contains provisions which would allow eligible small

Post-Election Fallout – Expected Tax Changes for 2017

By |November 11th, 2016|Categories: Uncategorized|

The 2016 elections are over, and the results have surprised many pundits, pollsters, financial markets, etc.  Donald Trump was elected as President, and the Republicans maintained control of Congress with slight losses in each chamber. 

Proposed Changes, Clarifications and Additions to Deferred Compensation Agreements Under IRC Section 409A

By |November 8th, 2016|Categories: Uncategorized|

Effective Immediately: Risks of 409A Penalties Exist for Taxpayers Not in Compliance with Proposed Regulations The American Jobs Creation Act of 2004, added section 409A to the Internal Revenue Code (IRC).  Section 409A generally provides that if

Are Your Partnership Agreements on Target?

By |September 27th, 2016|Categories: Uncategorized|

Partnerships (and LLCs) offer the greatest flexibility to real estate owners in designing highly complicated economic deals between the owners. Today, many real estate deals may provide preferred returns for “investor” partners or promoted interests

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Are You Missing Out on an Opportunity to Claim the Work Opportunity Tax Credit?

By |August 31st, 2016|Categories: Uncategorized|

As you may know, the federal “Work Opportunity Tax Credit” (WOTC) was extended last December by the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act of 2015). The WOTC had technically expired as

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Strategizing for Global Financial Changes: 8 Steps You Can Take Now to Prepare for the New Revenue Recognition Standard

By |August 19th, 2016|Categories: Uncategorized|

In May 2014, six years’ worth of planning, meetings, deliberations and proposals finally resulted in the convergence of a revenue recognition standard acknowledged by both the Financial Accounting Standards Board (FASB) and the International Accounting

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Are You Missing Out on an Opportunity to Claim the Work Opportunity Tax Credit?

By |August 17th, 2016|Categories: Uncategorized|

Special Transition Relief Expires Soon!  As you may know, the federal “Work Opportunity Tax Credit” (WOTC) was extended last December by the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act of 2015). The

Learn how to take your business to the next level.

By |June 30th, 2016|Categories: Uncategorized|

The much anticipated overtime rule was finalized today. The Department of Labor (DOL) finalized a rule to update overtime protections so they can help millions of Americans receive the overtime pay they have earned. The

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Financial Statements of Not-for-Profit Entities

By |June 8th, 2016|Categories: Uncategorized|

Tentative FASB Board decisions are provided for those interested in following the Board's deliberations. All of the reported decisions are tentative, do not change current accounting and may be changed at future Board meetings. Official

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The Story Behind the Numbers: How Financial Information Showcases Your Impact

By |April 8th, 2016|Categories: Uncategorized|

Storytelling plays an integral role in our lives, whether it’s teaching a lesson, illustrating a point, or selling a service. Great stories spark creativity and cause people to view the world differently. Your organization’s financial

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Financial Statements of Not-for-Profit Entities (Phase 1) Continued FASB Redeliberations

By |March 29th, 2016|Categories: Uncategorized|

On March 23, 2016, the Financial Accounting Standards Board (FASB) met to continue redeliberations on the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of

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California Sales Tax Exemption Developments for Manufacturing

By |September 18th, 2015|Categories: Uncategorized|

The manufacturing sector is often one of the most targeted industries by states to grow their economies and increase the number of good paying jobs for their residents. For years, one of the ways states

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Sales Tax Exemption Developments for Manufacturing in Florida, Georgia and Washington

By |September 18th, 2015|Categories: Uncategorized|

The manufacturing sector is often one of the most targeted industries by states to grow their economies and increase the number of good paying jobs for their residents. For years, one of the ways states have

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Nebraska Sales Tax Exemption Developments for Manufacturing

By |September 18th, 2015|Categories: Uncategorized|

The manufacturing sector is often one of the most targeted industries by states to grow their economies and increase the number of good paying jobs for their residents. For years, one of the ways states

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Favorable Developments in Sales Tax Exemptions for Manufacturers

By |September 15th, 2015|Categories: Uncategorized|

The manufacturing sector is often one of the most targeted industries by states to grow their economies and increase the number of good paying jobs for their residents. For years, one of the ways states

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Manufacturing Report 2015: Overcoming the Five Barriers to Business Growth

By |July 29th, 2015|Categories: Uncategorized|

Fast Paced Shifts in Technology An industry once isolated from technology is now experiencing fast-paced shifts, from advancements in 3D printing to the emergence of the Internet of Things (IoT). In fact, the next

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How Sustainability Challenges in Local Governments are a Going Concern

By |May 19th, 2015|Categories: Uncategorized|

Everything we need for our survival depends on the sustainability of the environment. How we work to maintain our environment and economy will directly affect our future generations and their ability to meet essential needs.

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The Contractor’s Guide to State Sales Tax Audits

By |April 20th, 2015|Categories: Uncategorized|

The overwhelming feeling of dismay is not unusual when it comes to state sales tax audits. The process can often be time-consuming and expensive. Many contractors do not fully understand their responsibilities in regards to

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Develop an Implementation Plan for OMB Changes

By |March 20th, 2015|Categories: Uncategorized|

In late 2013, the U.S. Office of Management and Budget (OMB) announced comprehensive grant reform rules titled “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).” The new requirements supersede and

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Key Factors to Consider When Implementing GASB Statement No. 68

By |February 20th, 2015|Categories: Uncategorized|

In June 2012, the Governmental Accounting Standards Board (GASB) issued two new statements impacting how state and local governments report their participation in pension plans. Statement Number 68, Accounting and Financial Reporting for Pension Plans

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Is Your Construction Company’s Accountable Reimbursement Plan Compliant?

By |February 18th, 2015|Categories: Uncategorized|

Not long ago, the IRS released Revenue Ruling 2012-25, which serves as a reminder of the rules to employers whose accountable reimbursement plans may have fallen out of compliance. The ruling largely focuses on the

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What You Need to Know about Implementing GASB Statement No. 67

By |February 11th, 2015|Categories: Uncategorized|

In June 2012, the Governmental Accounting Standards Board (GASB) issued two new statements impacting how state and local governments report their participation in pension plans. Statement Number 67, Financial Reporting for Pension Plans (an amendment

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FASB Issues Guidance on Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items

By |January 14th, 2015|Categories: Uncategorized|

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. Subtopic 225-20, Income Statement—Extraordinary and Unusual Items, required that an entity separately

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The Rules for Deducting International Business Travel Expenses

By |May 20th, 2014|Categories: Uncategorized|

The end of 2013 marked "stronger than expected" growth in domestic business travel, according to the Global Business Travel Association (GBTA), and it's only expected to increase further. And while international business travel didn't experience as

Owning Your GASB Story

By |January 22nd, 2014|Categories: Uncategorized|

Watch this on-demand webinar and come away with not only a better understanding of Governmental Accounting Standard Board's (GASB) new standards on financial reporting for pension plans, but also guidance on how to best communicate to media and

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Tax Challenges during C Corporation to S Corporation Conversion

By |December 10th, 2013|Categories: Uncategorized|

Under the right circumstances, S corporations may provide significant tax advantages over C corporations, thus prompting many business owners to convert to the former. However, this conversion can foster a number of potentially costly tax challenges that

Business Owners Can be Personally Liable for Unknown State Taxes & Penalties

By |July 24th, 2013|Categories: Uncategorized|

A few years ago, the 75 percent shareholder and president of a corporation visited the Chicago restaurant owned by the corporation to find it in disarray. Its manager was nowhere to be found and a

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.

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