Insights
IRS Grants Automatic Consent to Change to Cash Method of Accounting – Revenue Procedure 2018-40
The Tax Cuts and Jobs Act (TCJA) increased the number of taxpayers eligible to use the cash method of accounting. The TCJA also expanded the threshold for small businesses to use the cash method of accounting, which now includes those with average annual gross...
Practical Guidance on ASU 2017-01 and Its Implications to Upstream Companies
Background The current FASB accounting standards codification associated with Business Combinations (Topic 805) defines a business as, "an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return...
Qualified Business Income Deduction: Understanding the Specified Service Trade or Business Rules
On December 22, 2017, the Tax Cuts and Jobs Act was signed into law and Internal Revenue Code Section 199A “Qualified Business Income” was created. In its simplest terms, Section 199A allows owners of sole proprietorships, S-corporations, or partnerships to take a...
An Overview of the 20% Qualified Business Income Deduction
Under the new tax law enacted at the end of last year (Tax Reform and Jobs Act, Dec. 22, 2017), one of the provisions geared to the individual taxpayer was the ability for owners of a sole proprietorship, S-corporation, or partnership to receive a 20% deduction for...
Court of Appeals Reverses and Remands Tax Court Decision in Transfer Pricing Arena – Medtronic, Inc.
On August 16, 2018, the Court of Appeals for the Eighth Circuit reversed a Tax Court decision regarding the transfer pricing court case of Medtronic, Inc. & Consolidated Subsidiaries v. Commissioner, No. 17-1866. The transfer pricing case analyzed the transfer...
New Tax Law Puts Businesses on a Diet
Over the years, businesses have become accustomed to the benefits of deducting business-related meal and entertainment expenses. However, the Tax Cuts and Jobs Act of 2017 has changed the deductibility of certain meal and entertainment expenses. Prior to 2018, a...
Casualty Loss Safe Harbor
The year 2017 has been a headliner of a year for natural disasters. Americans have fallen victim to multiple hurricanes, floods, epic brush fires and earthquakes, all of which have caused extensive property damage. In response, the Internal Revenue Service has...
Implementing the New Revenue Recognition Standard
In 2017 and the first quarter of 2018, most public companies began implementing the new revenue recognition standard, ASC 606 – Revenue from Contracts with Customers. Presently, there are many questions from private companies, and their stakeholders, on the...
Proposed Regulations on Pass-through Businesses Issued
The Tax Cuts and Jobs Act of 2017 contained a new provision allowing many owners of sole proprietorships, partnerships, trusts, and S-corporations to deduct 20% of their qualified business income. On Wednesday, August 8, 2018, the IRS announced they have issued the...
- « Previous
- 1
- 2
- 3
- 4
- Next »
