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December 2, 2019

Demystifying the QBI Deduction

For many businesses, one of the most attractive features of the 2017 Tax Cuts and Jobs Act (TCJA) was the new Section 199A deduction for qualified business income (QBI). In practice, however, the QBI deduction has proven to be one of the TCJA’s more confusing provisions.

With one complete tax cycle behind us and some additional IRS guidance now available, this is a good time to review the law’s basic provisions and re-evaluate strategies for maximizing the QBI deduction for 2019. (more…)

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Categories: Tax Reform, Updates & Alerts
Tags: Pass-through deduction, QBI, QBI deduction, Qualified Business Income,
November 4, 2019

Accounting Method Changes - Small Business Exceptions Can Make a Big Difference

While many changes in the Tax Cuts and Jobs Act (TCJA) involved rewriting entire sections of the tax code, some of the most consequential changes resulted from a simple change in definition. By expanding the definition of a “small business,” the law enabled many companies to simplify their tax preparation—and often improve their cash flow as well. (more…)

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Categories: Tax Reform, Updates & Alerts
Tags: Cash method of accounting, Small Business Exceptions, UNICAP,
By Kay Filler
•
October 21, 2019

Another Lease Accounting Deferral – and More!

It’s all but official. On October 16th, the FASB voted to approve delays for private companies on three new accounting standards, one of which is Leases. The expected Accounting Standards Update (ASU), on which FASB voting will be the official action to implement the deferrals, is expected in November. By the way, the other two standards deferred under this vote are “credit losses” (or CECL) and “hedging”. As the effective date draws closer, we will certainly be posting about CECL, since some aspects apply to all companies. (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Accounting Standards, Accounting Update, FASB, Lease Accounting,
By Kay Filler
•
September 3, 2019

AI in Accounting – Embracing a Brave New World!

Well…it’s all but HERE! For those of you who were hoping it wouldn’t come, it is best to switch gears and consider how to best harness the change to your advantage. The alternative is to risk being left behind in a world where accountants become less known for routine detailed tasks and are more often thought of as insightful, intuitive and forward-thinking strategic assets.

Sound like hyperbole? Read on… (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Artificial Intelligence, Machine Learning, Natural Language Processing,
By Kay Filler
•
August 15, 2019

More About Leases (Some Good News!)

Challenges in keeping up with GAAP have never been greater, with pervasive changes in revenue recognition requirements set to hit most private companies this year, to be closely followed next year by getting most leases on the balance sheet for the first time. These confusing standards, along with the usual host of less widespread financial reporting changes, are daunting (to say the least). (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Accounting Standards Update, GAAP, Leasing Standard, Revenue Recognition,
By Abraham Livchitz
•
July 24, 2019

California Competes Tax Credit – 2019 Update

The state’s popular California Competes Tax Credit program continues to be available during the 2019-2020 fiscal year. The state has allocated approximately $237 million to be awarded to both small and large business taxpayers. In June, the final award period of last fiscal year, approximately $55 million of tax credits were granted to twenty taxpayers. (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: California Competes Tax Credit, Expanding operations in California, Tax Credit,
By Deepa Bhat
•
March 13, 2019

How Not to Fall Prey to These Common Fraud Schemes

Not too long ago, the Association of Certified Fraud Examiners (ACFE) released their Report to the Nations, a publication on worldwide occupational fraud based on real life fraud cases and it was certainly a telling study in fraud. As an auditor for private companies, it hit very close to home to learn that the median loss experienced by companies with fewer than 100 employees was $200,000! And nearly half of these fraud cases were the result of a lack of internal controls. (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Anti-Fraud Controls, Fraud Schemes, Occupational Fraud,
By Kay Filler
•
March 1, 2019

Non-Employees Stock Compensation Accounting Aligned with Employee Rules

The recent changes in stock compensation for non-employees will reduce complexity and should also smooth volatility in recognizing associated compensation costs in the income statement. These changes were issued in June 2018 and are first effective for private companies with calendar year 2020, although early adoption is permitted. (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Share-based awards, Stock awards, Stock compensation,
By Abraham Livchitz
•
February 13, 2019

Tax Reform…. Not in California

UPDATED JULY 18, 2019: At Last…Partial Conformity…

In December 2017, Congress passed the Tax Cuts and Jobs Act (TCJA) which was the most significant tax reform legislation enacted since the 1980s. In July 2019, 18 months later, the California legislature acted and the governor signed Assembly Bill 91 that contained a select number of conformity provisions. These provisions will simplify tax compliance for California taxpayers as differing federal and California tax reporting for certain transactions will no longer be required. Unfortunately, California has yet to conform to most of the changes enacted by the TCJA.

The conformity changes included in AB 91 are highlighted below.

However, in an act of “reverse conformity,” the legislature passed Senate Bill 78. Originally, the federal Affordable Care Act imposed a “penalty tax” on taxpayers who did not have qualifying health insurance coverage. Congress repealed this “tax” effective January 1, 2019. But due to an act of reverse conformity, a “penalty tax” will once again be imposed on California taxpayers that do not have qualifying health insurance, effective January 1, 2020. (more…)

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Categories: Tax Reform, The Musings of our Authors, Updates & Alerts
Tags: California, Tax Cuts and Jobs Act, Tax Reform,
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