Oct 27, 2016 | Service Sector, Accounting Newsletter
The Financial Accounting Standards Board (FASB) recently issued the first major accounting changes for the not-for-profit sector in more than two decades. Just about every not-for-profit organization — including charities, universities, foundations and others – will...
Oct 26, 2016 | Service Sector, Accounting Newsletter
Many tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the personal exemption phaseout. Income thresholds If your adjusted gross income (AGI) exceeds the applicable threshold, most of your...
Oct 24, 2016 | Service Sector, Accounting Newsletter
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But enhanced tax breaks that allow deductions to be taken...
Oct 21, 2016 | Service Sector, Accounting Newsletter
How much do you really know about accounting for property, plant and equipment? U.S. Generally Accepted Accounting Principles (GAAP) permits some leeway when deciding whether to capitalize or expense a fixed asset purchase, as well as in choosing depreciation methods...
Sep 6, 2016 | Tax Newsletter, Accounting Newsletter, Personal Finance Newsletter
If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as...
Sep 2, 2016 | Tax Newsletter, Accounting Newsletter, Personal Finance Newsletter
Taxpayers should consider a mid-year tax withholding checkup following several new factors that could affect their refunds in 2017, according to the IRS. Click here to read...
