Prior to the Tax Cuts and Jobs Act, companies could deduct 50% of meals and entertainment (M&E) costs incurred, provided that they could establish that the item was directly related to the active conduct of the taxpayer’s trade or business.
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Taxpayers Should Be Mindful Of Limitations To The Qualified Business Income Deduction

The Qualified Business Income Deduction under Code Section 199A has brought significant changes to the way that pass-through entities are taxed under the Tax Cuts and Jobs Act.

Revenue Recognition Central

When you need help complying with new guidance look to GBQ. From assessing your revenue reporting to evaluating the impact on your business, to tax planning strategies and debt covenants – the resources you need are here.

Identifying The Contract

The new revenue accounting standard, developed a
five-step model for recognizing revenue that will now be applied throughout GAAP, replacing multiple different criteria, thus achieving one of the goals of the new standard; consistency. The only exceptions are contracts that are considered a lease, an insurance contract, a nonmonetary exchanges, a guarantee or those involving financial instruments.

Entertainment Expenses Slashed Under Tax Reform

Prior to the Tax Cuts and Jobs Act, companies could deduct 50% of meals and entertainment (M&E) costs incurred, provided that they could establish that the item was directly related to the active conduct of the taxpayer’s trade or business. Under the new law, treatment of many of these expenses has been changed, and businesses should consider making modifications in their general ledger accounts to capture these expenses into different buckets. 

Do Your Financial Reports Allow You To See Trends In Your Business?

Many companies prepare financial reports simply because they know they are required to. Financial reports are also fantastic tools to help owners see trends in their businesses. Click here for questions business owners can answer for themselves by utilizing their financial statements and reports.

Sec. 179 Expensing Provides Small Businesses Tax Savings On 2017 Returns — And More Savings In The Future

Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.

Tax Deduction For Moving Costs: 2017 Vs. 2018

If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.

How To Classify Shareholder Advances

Shareholder advances are one of the gray areas in financial reporting. Here’s some guidance on whether payments from shareholders should be classified as debt or equity on the balance sheet.

What Is Job Cost Reporting?

To boost financial efficiency and profits on custom projects, consider implementing job cost reporting. Try these best practices to take your performance to the next level.

It’s Time To Get More Creative With Retirement Benefits Communications

Are your retirement plan communications like a “must read” book rocketing up the bestseller list or a boring sales circular that goes right into the trash? Here’s how to get the word out in a more exciting way.

5 Questions To Ask Yourself About Social Media

For businesses, using social media can be like walking on eggshells. You want to get noticed, but you don’t want to embarrass yourself. Fine-tuning your objectives can help you find the right balance.

5 Estate Planning Tips For The Sandwich Generation

The “sandwich generation” is gaining in numbers. According to the Pew Research Center, a little more than one in eight Americans are concurrently raising a child and caring for a parent. What are the estate planning ramifications?

A Joint Home Purchase Can Ease Estate Tax Liability

Estate tax liability may not be an issue now, but today’s high gift and estate tax exemption is temporary. You can protect against an uncertain future estate tax regime with a joint home purchase.

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