blog
February 18, 2019
Update on the New Business Interest Expense Limit Rules

The Tax Cut and Jobs Act imposed a new limitation for business interest expense.  Interest expense for the year is limited to 30% of adjusted taxable income plus any floor plan financing interest paid by vehicle dealers under new code section 163(j)(1).  This limitation applies to all businesses, regardless of form how...

February 18, 2019
Best Practices When Filing a Business Interruption Claim

Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike a commercial property policy, which may cover certain repairs of damaged property, this coverage generally provides the cash flow to cover revenues lost and expenses incurred while ...

February 14, 2019
Final Regulations Shed Some Light on the QBI Deduction and Rental Real Estate

A key provision of the new tax law is the Qualified Business Income Deduction (QBI Deduction), which is available to qualifying trades or businesses. The key phrase here is “trade or business”, which isn’t clear cut with regard to rental real estate....

February 13, 2019
Using a Fraud Expert to Head Off Bad Mergers

Mergers and acquisitions are filled with risks, some of them unavoidable. But buyers can avoid risks associated with cooked books and other forms of deceptive accounting used by a seller to distort the value of its company. Before closing an acquisition, engage a forensic accounting expert to look for fake performance ...

February 13, 2019
Three Big Changes for 2018 Income Tax Returns

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child c...

February 12, 2019
Use SWOT to Refine Your Strategic Plan

With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline but haven’t quite put the finishing touches on it yet. In either case, there’s a time-tested approach to refining your strategic plan that you should consider: a SWOT analysis. ...

February 12, 2019
Don’t Wait to File Your 2018 Tax Return

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too....

February 12, 2019
How Financial Statements Tell Your Story

Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements.  In short, financial statements are detailed and carefully org...

January 29, 2019
Clarification on Parking Lot Tax

One of the changes made to the tax laws by the Tax Cuts and Jobs Act (TCJA) was to disallow a tax deduction for qualified transportation fringe benefits businesses provide to their employees. Qualified transportation fringe benefits (QTFs) include:...

January 29, 2019
Three Hurdles of the Investment Interest Expense Deduction

Investment interest expense is still deductible, but that doesn't necessarily mean you'll benefit.  As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt ...

January 29, 2019
First Signs of Business Fraud

Forensic accountants are best qualified to unearth the “hows and whys” of occupational fraud. But it’s up to employers to know when it’s time to call for professional help in the first place. The signs of fraud can be easy to miss, but they’re usually there....

January 23, 2019
Is Your Marketing Plan Working?

A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world and leading back to your company. But, all too easily, a business can get stuck in the mud while trying to build these thoroughfares, leaving its marketing message ineffective and, well, muddled. Here are a ...