Last week, GBQ welcomed nineteen new associates to the firm. From three new Tax Seniors and three new Rotation Staff, to 13 winter Interns, we are gearing up for busy season as only CPAs can do
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Limited Interest Expense Deductions For Real Estate Companies… Or, Maybe Not

After depreciation, one of the biggest deductions for real estate companies is typically interest expense. As such, it’s come as no surprise to see there has been a lot of discussion around a provision in the Tax Cuts and Jobs Act whereby the deduction for net business interest is limited to 30% of adjusted taxable income.

Tax Reform Central

H.R. 1, the Tax Cuts and Jobs Act, is the biggest overhaul of the tax code since 1986 and affects all taxpayers including individuals, trusts, S corporations, partnerships and C corporations. GBQ continues to analyze the bill’s final legislative language and will be publishing weekly articles relating to specific parts of tax reform. You can stay up to date on the changes in tax law by visiting Tax Reform Central on GBQ’s website.

Top 10 Articles Of 2017

The following 10 articles kept you busy reading last year. We hope you enjoy taking a look back (or catching up on what you missed!).

Tax Reform And Manufacturing

The Tax Cuts and Jobs Act signed into law by President Trump on December 22, 2017 brought extensive tax reform for all taxpayers including manufacturing companies. Here are some of the major tax law changes passed as part of the new bill that directly impact manufacturers.

Maintaining Tax Exempt And Public Charity Status

Acquiring tax exempt and public charity status is among the first and most important steps a non-profit takes in starting its organization. However, there is maintenance required once this status is acquired. Here are items your nonprofit organization should be doing to stay in good standing.

Around The Firm: 1, 2, 3...Grow! 

Last week, GBQ welcomed nineteen new associates to the firm. From three new Tax Seniors and three new Rotation Staff, to 13 winter Interns, we are gearing up for busy season as only CPAs can do. With new hires in both Columbus and Cincinnati, training is underway and we’re excited to have everyone on board. The GBQ team is always looking for new associates, from recent graduates to experienced hires. Click here to view the list of current job openings.

Income Statement Items Warrant Your Auditor’s Attention

Traditionally, income statement items take a back seat to assets and liabilities in an audit. But today’s auditors tend to use a more balanced approach.

Got Multiple Locations? Expect Auditors To Keep A Close Eye On Inventory

Inventory can be an easy fraud target, especially if it’s stored in more than one location. Over the last 30 years, auditing standards have evolved to help detect misstatements.

Making The Right Choice About Your Office Space

“Location, location, location” is a well-known real estate expression. For businesses, deciding whether to buy or lease their location is an important decision worth regular reconsideration.

Find Time For Strategic Planning

Business owners spend a lot of time putting out fires. Unfortunately, many spend so much time dousing the flames of operational crises that they neglect strategic planning. This can be a dangerous oversight.

Preserve Wealth For Yourself And Your Heirs Using Asset Protection Strategies

If you wish to transfer assets to heirs, you must first protect them, especially if you own a business or are in a profession with a high degree of malpractice risk. Learn how here.

Tax Cuts And Jobs Act: Key Provisions Affecting Estate Planning

The estate tax remains, and the exemption amount doubles, under the Tax Cuts and Jobs Act. However, these changes are temporary: affecting estates beginning after Dec. 31, 2017, and before Jan.1, 2026.

The TCJA Temporarily Expands Bonus Depreciation

Bonus depreciation allows businesses to deduct more of an asset’s cost in the year the asset is placed in service. The new tax law’s enhanced bonus depreciation provision may save tax on your 2017 return.

Tax Cuts And Jobs Act: Key Provisions Affecting Individuals

For individual taxpayers, most Tax Cuts and Jobs Act provisions will apply only for 2018 through 2025. But they’ll generally have a big impact during that time.

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