Both the federal and state research and development credits (R&D credit) are in place to reward those companies that develop new products or new processes....
No. Nothing really happened. The company makes a contribution of $XX, which is paid the ESOP. The ESOP turns around a pays the Company $XX for principal and interest. The checking account did not change. The expense the company needs to record is the actual value o...
There is a high likelihood that if you are an ESOP, then you will be visited by the DOL (Department of Labor). This is different than an IRS audit. The chances from my experience is 20%. IRS audits are much lower, more like 2%....
A major provision in the Tax Cuts and Jobs Act is a 20% deduction available for pass-through entities with qualified business income. Pass-through entities include sole proprietors, partnerships, and S corporations....
This question often comes up when a company goes 100% ESOP. Prior to the ESOP transaction, ownership had a direct incentive to increase the share price. ...
If you are looking for a way to kill a few hours to figure out if you owe the IRS just a few bucks, then lookback is for you....
The completed contract method is simple since you don’t have to recognize any profit until the contract is actually complete. There are some important details, but basically you get to wait until the contract is done before you pick up the income or loss....
The cash method of accounting is one of the two main methods that businesses can use. The cash method can be used by some construction contractors....
Construction contracts are a tricky animal. There are so many ways to account for them for book and tax purposes and those methods are a bit more complicated than just cash and accrual....
As we uncover the details associated with the Tax Cut and Jobs Act and apply the rules to the real-world activities in our trades and businesses we found conflicting messages associated with the deductibility of certain entertainment expenses....
About nine percent of the estate tax returns reporting gross estates of $5 or more were audited by the IRS during 2014. And the bigger the estate the more likely the audit....
With federal changes to the way 529 plans work in Dec 2017 and MN changes to the way 529 plans work passed in summer 2017 now seems like the perfect time to take a deeper dive into a subject which many people have some awareness around, but perhaps don’t fully understand a...
