Insights

That’s a good question, and one that affects tens of thousands of taxpayers for the 2018 filing year. Included in the Tax Cuts and Jobs Creation Act of 2017 is a deduction for up to 20% of income generated from a qualified business.

As many colleges, universities and their related foundations gear up to implement Accounting Standards Update (ASU) 2016-14 – Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, one thing has become clear: liquidity is now a significant new disclosure which deserves important consideration.

Over the past two years, we have noted a significant increase in interest among our clients in transforming their accounting and financial functions into high-performing units.

The Financial Accounting Standards Board (FASB) issued accounting standards update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) in May 2014, almost five years ago.

Everyone seems to be talking about Opportunity Zones these days and understandably so. Not only does the new legislation provide for the deferral and partial forgiveness of tax on capital gain income from any source, it also allows for investment of those gains to grow tax free if held for a minimum of ten years.

Many manufacturers and distributors ship their goods using “free on board” (FOB) shipping point terms, where title legally transfers at the time of shipment.

As renewable energy technology continues to improve, it has become less expensive to purchase and increasingly popular.

Many of you are now gathering the necessary information to prepare your organization’s employee benefit plan(s) IRS Form 550, Annual Return/Report for 2018.

If you or your business have global connections, you will want to access the first quarter 2019 edition of the PKF Worldwide Tax Update. It is a compendium of notable tax changes from around the world, each followed by the commentary of PKF international tax professionals.