Professional Accounting Blog

Accounting For Your Prosperity

How will the Tax Cuts and Jobs Act affect your estate plan?

Posted by Karen McCarthy on Mar 13, 2018 3:58:44 PM

Topics: Tax Planning & Strategies, Accounting & Auditing

Effective January 1, 2018, the Tax Cuts and Jobs Act of 2017 (TCJA) reduces individual and corporate tax rates, eliminates a host of deductions and credits, enhances other breaks and makes numerous additional changes.

One thing the TCJA doesn’t do is repeal the federal gift and estate tax, as originally contemplated by the House of Representatives version of the bill.

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Home Equity Borrowers Get Good News from the IRS

Posted by Jonathan Ciccotelli on Mar 2, 2018 9:52:51 AM

Topics: Tax Planning & Strategies

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible under the TCJA — regardless of how the loan is labeled.

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Taxes and Business Value

Posted by Lloyd Bell on Mar 1, 2018 1:38:00 PM

Topics: Accounting & Auditing, Corporate Finance

Will the changes in the tax code impact the value of your business?

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Know The Perils of Financial Testimony by Owners and Employees

Posted by Meaden & Moore on Feb 19, 2018 11:22:14 AM

Topics: Investigative and Forensic Accounting

Owners, executives and other key employees sometimes testify in litigation involving lost profits or valuation issues. This article explains how to determine when layperson testimony crosses over into expert witness territory, putting it at risk of being excluded from evidence. It also touches on two cases that illustrate when a company leader’s testimony might be allowed vs. excluded.  

United States ex rel. Technica, LLC v. Carolina Cas. Ins. Co., No. 08-CV-01673-H (KSC), S.D. Cal., April 11, 2012

Ruhr v. Immtech International, Inc., 570 F.3d 858, 7th Cir., June 30, 2009

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The Bipartisan Budget Act of 2018

Posted by Karen McCarthy on Feb 15, 2018 3:39:21 PM

Topics: Tax Planning & Strategies

New budget agreement brings additional tax changes

The ink on the Tax Cuts and Jobs Act (TCJA), which swept in a tidal wave of changes to federal tax rules, had been dry for only seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of 2018 (BBA), which President Trump signed into law on February 9, 2018, contains several tax-related provisions that could reduce the amounts some taxpayers owe for the 2017 tax year.

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DOL Audit Risk: Missing Participants in Defined Benefit Plans

Posted by Brian Dunfee on Feb 15, 2018 9:16:00 AM

Topics: Accounting & Auditing, Benefit Plan Advising & Auditing

The challenge of locating missing participants for benefits due to them under a qualified retirement plan is nothing new.  However, an apparent new focus by auditors with the U.S. Department of Labor (DOL) regarding vested benefits under a defined benefit pension plan (DB) is making this challenge especially onerous and, potentially, costly.

The DOL has recently begun seeking out for audit inquiry those plans that have filed Form 5500s indicating large numbers of terminated vested participants.  The data included on the census file may be focused on demographic and historical payroll data in order to provide for accurate benefit payment calculations.  However, as time goes on, those components of the census may not change but mailing addresses can become obsolete very quickly after termination of employment and as time progresses beyond that date.

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Deadline Quickly Approaching to Opt-In to Ohio’s Centralized Filing for City Tax Returns

Posted by Leslie Kasten on Feb 1, 2018 12:39:24 PM

Topics: Tax Planning & Strategies

New Tax Law Provides More Generous Depreciation-Related Tax Breaks.jpg

There are over 600 cities and villages in Ohio that impose a municipal income tax on businesses.  Many businesses find it a burden to comply with the filing requirements and the price to comply is sometimes higher than the taxes that are due.

Effective for taxable years beginning on or after January 1, 2018, business taxpayers are able to opt-in and file one municipal net profit tax return with the Ohio Department of Taxation.  Sole proprietors, single member LLC’s, and individuals are not eligible for this filing system.  Businesses that elect into the centralized system will file a single municipal net profits tax return that will include every municipality in which they are required to file returns. It is not mandatory to opt-in, however, the centralized filing system is an all or nothing system meaning you cannot pick and choose which cities to include or exclude.

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Several Provisions of the Tax Cuts and Jobs Act (TCJA) Target Base Erosion and Inbound Investment

Posted by Allen Littman on Jan 30, 2018 1:34:51 PM

Topics: Tax Planning & Strategies, Accounting & Auditing

New Rules Intended to Prevent Abuse of the New U.S. Territorial Tax System Also Target Foreign-Controlled Companies


As 2018 unfolds, the fog of tax reform has cleared and we can now clearly see the many benefits of the U.S. Tax Cuts and Jobs Act.  Lower tax rates for businesses and individuals, increased expensing of business asset purchases, repeal of the corporate alternative minimum tax (AMT) and increase of individual AMT thresholds are just a few of the tax benefits now available to U.S. taxpayers.  For U.S. businesses owned by non-U.S. persons, however, it is a bit more of a mixed bag, as there are several unfavorable provisions.  These include several provisions ostensibly designed to prevent base erosion in the light of the new U.S. territorial tax system.  Many of these provisions, however, target foreign-controlled companies.  

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Could Receivables Fraud Strike One of Your Clients?

Posted by Meaden & Moore on Jan 25, 2018 9:34:48 AM

Topics: Investigative and Forensic Accounting

Accounts receivable are a popular fraud target because so many transactions are recorded to it. This article describes common receivables scams, as well as various preventive measures and methods of detection.

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Why Experts Insist on Touring a Company’s Facilities

Posted by Meaden & Moore on Jan 22, 2018 10:48:40 AM

Topics: Investigative and Forensic Accounting

Without site visits and management interviews, it can be difficult for a valuation professional to gather all of the information needed to fully understand a business’s operations. This article provides insight on how these steps facilitate the valuation process. A sidebar identifies three cases that showcase the importance of these procedures.  

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