Posted in Tax Updates
More than two decades have passed since nonprofit organizations have seen any significant changes to their accounting procedures. The well-known procedures will change if recently issued proposals by the Financial Accounting Standards Board (FASB) are adopted and implemented.
Posted in Business Advisory
Until recently, software development and manufacturing have been very different industries. Under the recent Internal Revenue Code Section 199, Domestic Production Activity Deduction (DPAD), these industries may be meeting the same definition. This could mean a significant permanent tax deduction for software developers.
Posted in Tax Updates
It is hard to open a business and turn it into a successful operation. Despite the best efforts of entrepreneurs, a vast number of new businesses in the United States fail each year. Instead of starting from scratch, you or another family member, such as an adult child, might search for a ready-made franchise. There are thousands of them in the marketplace, ranging from McDonald’s to Jiffy Lube to Fantastic Sams hair salons.
Posted in Business Advisory
The U.S. manufacturing industry is in the midst of a comeback. Manufacturers are gladly shifting from securing demand to meeting demand. However, reworking the U.S. transportation infrastructure is essential to the success of this progress.
Posted in Manufacturing Industry Insights
When business owners are selling their business, many believe that it will be the end of their working life. What these business owners do not consider is that this can be a time of excitement, new ventures and continuing personal growth. In order to seek out new ventures, business owners need to maximize the amount of money they’ll have when they leave the business.
Posted in Business Advisory
In September 2013, IRS released final regulations (“Regulations”) dealing with repair and capitalization of tangible property under IRC Sec. 162(a) and 263(a) and regulations relating to dispositions under IRC Sec. 168. These Regulations are effective for taxable years beginning on or after January 1, 2014. Every taxpayer with fixed assets is affected by these new rules; owners of real property are especially impacted. The Regulations are adopted through elections where indicated in the Regulations and by filing Form(s) 3115, Application for Change in Accounting Method, as indicated by the IRS in separate guidance.
Posted in Business Advisory
As in the past few years, most of the 2014 changes to the Form 990 and its many schedules are fairly minor. There is, however, one exception—Schedule A: the schedule required for all Section 501(c)(3) public charities, which has gone from four to eight pages and now includes eighteen pages of instructions.
Posted in Business Advisory
Although the government has chipped away at some of the biggest tax shelters for individuals, at least one solid foundation is still standing: your home. During the period when you own a home, it can be a source of valuable tax deductions for mortgage interest and property taxes. Even better, if you sell the home at a huge profit, you may be able to pocket all or most of the gain from the sale—tax-free.
Posted in Tax Updates
Despite recent proposals to scale back benefits, Section 529 plans remain a tax-favored way for parents to set aside funds for college. Here are the answers to several key questions on the subject:
