Professional Accounting Blog

    Accounting For Your Prosperity

    IRS Announces Additional Guidance on Company Cars

    Posted by Jonathan Ciccotelli on Jun 4, 2019 1:35:05 PM

    Topics: Tax Planning & Strategies

    The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and aren’t eligible for bonus first-year depreciation, as well as for leased automobiles.   

    The role of the TCJA

    The Tax Cuts and Jobs Act (TCJA) amended Internal Revenue Code (IRC) Section 168(k) to extend and modify bonus depreciation for qualified property purchased after September 27, 2017, and before January 1, 2023, including business vehicles. Businesses can expense 100% of the cost of such property (both new and used, subject to certain conditions) in the year the property is placed in service.

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    Personal Use of Employer-Provided Vehicles Updated Rules by the IRS

    Posted by Jonathan Ciccotelli on May 29, 2019 8:50:37 AM

    Topics: Tax Planning & Strategies

    The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes.

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    6 Questions to Ask When Selecting an Audit Firm

    Posted by Carlin Culbertson on May 28, 2019 8:00:00 AM

    Topics: Accounting & Auditing

    Higher Turnover May be Great for Inventory but Not so Much for Your Audit Team

    Auditor that could be your kid – “What on earth is demurrage?” 

    You  – “Seriously? What do your workpapers say from last year about it? Or maybe try using this thing called Google.”

    Or, in the scenario that you get an auditor that knows everything there is to know.

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    Ohio Proposes Tax Changes in Budget Bill

    Posted by Jonathan Ciccotelli on May 24, 2019 10:25:08 AM

    Topics: Tax Planning & Strategies

    The Ohio Biennial Budget Bill (House Bill 166) passed the Ohio House by a vote of 85-9 and has been moved to the Ohio Senate for debate. This bill contains a number of tax law changes that will impact not only Ohio residents, but some businesses may find themselves subject to sales tax nexus with Ohio when previously they were not.  The changes are proposed to be applied retroactively to taxable years beginning on or after January 1, 2019.  

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    Examples of Internal Control Communications for Employee Benefit Plans

    Posted by Carlo Berlingieri on May 23, 2019 8:00:00 AM

    Topics: Benefit Plan Advising & Auditing

    Internal controls are essential to maintain the trust of employees in regard to their benefit plans. However, implementing strong control systems is a complex undertaking. The Department of Labor (DOL) and the Internal Revenue Service (IRS) are just two government agencies keeping track of internal controls on employee benefit plans.

    The DOL and the IRS have offered indications that they are more favorably inclined towards plans which have clear sets of internal controls governing them. This has been supported by presentations given at professional conferences and DOL courses. Employee benefit plans examination processes are usually faster and more efficient when a clear set of internal controls are already in place.

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    Why Should I Care About ESOPs?

    Posted by Michelle Buckley on May 16, 2019 8:00:00 AM

    Topics: Benefit Plan Advising & Auditing

    An ESOP is an employee stock ownership plan that is essentially a retirement plan which helps employees obtain ownership in the company. But why should you care? Well, ESOPs can be great options if you are a privately-held business owner considering succession planning. You have a few options available to you: 

    Family Business Succession Planning

    If you are a family-owned business, you might have your family already in place to take over the company. In this case, ESOPs are generally not the right fit. 

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    Builder’s Risk – Tax Credit Financing

    Posted by Patrick Kelleher, CPA, CFF on Apr 24, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    Federal tax credits are a crucial component for the development and preservation of affordable rental housing. Federal tax credit financing available to the construction industry was devised by Congress and state agencies as a way to encourage private investment in projects and businesses that provide a public benefit to underserved communities.  

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    Valuation Matters When a Company Is Liquidating

    Posted by Meaden & Moore on Apr 22, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    Even in a bull market, some businesses struggle to make ends meet. Eventually, owners may decide to close the doors and liquidate a distressed company’s assets. Outside financial experts can help owners make informed decisions about the distressed company’s future and maximize liquidation proceeds. Experts can also help potential buyers of financially distressed businesses determine the appropriate asking price and conduct acquisition due diligence. Here are the details on these types of engagements.

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    Which Is Appropriate: Lost Profits or Lost Business Value?

    Posted by Meaden & Moore on Apr 19, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    The U.S. District Court for the Middle District of Pennsylvania recently awarded damages for various business torts committed against a print shop by two former employees and the competing business they started. A key question was whether lost profits or lost business value was the appropriate measure of damages.

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    5 Steps to Calculate Lost Future Earnings

    Posted by Meaden & Moore on Apr 17, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    From personal injury to wrongful termination, there are many reasons an individual might seek to recover lost earnings. However, this is no simple matter – the level of analysis can be just as complicated as estimating lost profits for a business.

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