Blog
Deducting Business Website Costs
Most businesses have had a website for many years, but surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching
Your Estate Plan Needs a Health Care Power of Attorney
What happens if illness, injury or age-related dementia renders you unable to make decisions or communicate your wishes regarding your health care or financial affairs? Unless your estate plan addresses these situations, your family may be forced to seek a court-appointed guardian. Health care arrangements are particularly important because your
New Reporting Requirements for Nonprofits Gifts in Kind
On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for change Gifts in kind can play an important role in ensuring a
Can investors who manage their own portfolios deduct related expenses?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered expenses for the production of income. But they are deductible
Choose the Right Level of Assurance for Your Business
The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may compromise financial reporting quality and reliability. Others recognize the additional risks
Education Tax Breaks for Parents
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Available Education Tax Breaks Summary 1. Higher education tax credits. Generally, you
QuickBooks Tutorial Videos
QuickBooks provides many helpful and short "how to" videos for users of their accounting software. Click on these QuickBooks tutorial links to watch. How to Collect & Record Sales Tax How to Track & Pay Sales Tax How to Set Up Sales Tax How to Send Estimates, Quotes & Proposals
New Per Diem Rates
In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categories of
Attn Banks: How to Report COVID-19-Related Debt Restructuring
Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs). Here are the details. Accounting for TDRs Under
Can homebuyers deduct seller-paid points?
The housing market is hot right now, despite the ongoing coronavirus pandemic. In fact, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. A sizeable shift in remote work ability and some looking to move to less densely populated