Regardless of how the plan may have been sold to the public, the foundation of the recently-enacted Tax Cuts and Jobs Act was the reduction in the C corporation tax rate from 35% to 21%. But Congress couldn’t do this in isolation, because such  a one-sided dramatic decrease would cause the business playing field to… Read more Making Sense Of The New “20% Qualified Business Income Deduction”

CONFERENCE AGREEMENT REACHED SETTING STAGE FOR ENACTMENT BEFORE THE NEW YEAR SUMMARY On Friday evening, December 15, 2017, the conference report to H.R. 1, “Tax Cuts and Jobs Act” (the “Act”) was released. The conference report was agreed to by the House and Senate conferees last week and reflects the resolved differences between the House… Read more Federal Tax Update after Conference Agreement

On Friday, December 15, a joint conference committee comprised of House and Senate members released an agreed-upon version of the Tax Cuts and Jobs Act (the “Act”). The Act provides the most comprehensive update to the tax code since 1986 and includes a number of provisions of particular interest to our private clients. The Act… Read more AGREEMENT ON TAX REFORM – IMPACT TO INDIVIDUALS

Year-end strategies will become clearer over the coming weeks as proposals are negotiated and prospects for final passage become more certain. For now, flexibility and preparedness are key. Taxpayers should be ready to execute strategies as late as December, while preparing for a variety of final scenarios without locking themselves into any final course. Click… Read more 2017 Year-End Tax Planning

Introduction In 2014, the FASB issued its landmark standard, Revenue from Contracts with Customers, which has since been amended by various updates. It takes effect in 2018 for public companies and in 2019 for all other companies, and addresses virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as franchisors.… Read more Revenue From Contracts With Customers

Many, if not most, nonprofit organizations will encounter board or leadership turbulence at some point in their lifecycles. Organizational transition, the evolution of mission or executive departures are inevitable. There are times when the board must make challenging decisions and protect the organization from financial and organizational risk, as well as potential reputation damage. Continue… Read more BUILDING A RESILIENT ORGANIZATION—A TOOLKIT FOR NONPROFIT BOARDS TO MANAGE TRANSFORMATIONAL CHANGE

The technology industry is no stranger to Washington D.C. In 2015, the five biggest U.S. tech companies spent $49 million on lobbyists, outspending the five largest banks by more than $29 million, according to data compiled by the Center for Responsive Politics. A New York Times article, appropriately titled, “Obama Brought Silicon Valley to Washington,”… Read more TECHNOLOGY’S POST-ELECTION FUTURE UNDER A TRUMP ADMINISTRATION

The time to consider tax-saving opportunities for your business is before its tax year-end. Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Other opportunities may apply only to a particular type of business organization. This Tax Letter… Read more 2016 Year-End Tax Planning For Businesses

Your 2016 year-end tax planning begins with a projection of your estimated income, deductions, and tax liability for 2016 and 2017. You should review actual amounts from 2015 to assist you with these projections. To the extent you can control the timing of income and deductions between 2016 and 2017, you should make decisions that… Read more 2016 Year-End Tax Planning For Individuals