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IRS Releases Proposed Regulations to Clarify Qualified Business Income Deduction

When tax reform passed in December last year, corporations received a lower tax rate of 21%, while rates were slightly reduced for individuals. To give a similar benefit to businesses organized as pass-through entities tax reform enacted a 20%. Read More >>

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Revenue Recognition Issue 3 – Identify the Contract

Contracts can take many forms. Some contracts are formal, some are written agreements, some are in the form of purchase orders, and some may be just oral understandings. At the time of revenue recognition, you would need to assess. Read More >>

Your Company and Your Plan Participants – At Risk for Identity Theft?

News of commercial database hackings involving millions of people’s personal information seems commonplace. While many of these stories focus on bank and credit card accounts, many plan sponsors and participants don’t realize that 401(k) plan assets may be at. Read More >>

Revenue Recognition Issue 2 – Basics of Revenue Recognition: The 5 Step Approach

The Five Step Approach The new revenue recognition standards require the use of a five-step approach in determining how to recognize revenue on your financial statements. The five steps established by the rules are as follows: 1. Identify the. Read More >>

Revenue Recognition Issue 1 – Introduction to Revenue Recognition: Why You Should Care

    What is it? On May 28, 2014, accounting rule makers (FASB and IASB) adopted new standards for recognizing revenue in your financial statements from customer contracts. Revenue is the single largest line item in most companies’ financial. Read More >>

Ohio’s Back-to-School Sales Tax Holiday is Back!

  Back-to-school shopping is right around the corner and for the fourth year in a row, The Ohio Department of Taxation has announced a sales tax holiday to help reduce the back-to-school blow to your wallet. The 2018 Sales. Read More >>

Why Conducting an Annual Benefit Plan Review is Critical

The U.S. Department of Labor (DOL) generally requires large employee benefit plans to have a yearly audit conducted. While the main purpose of the audit is to provide reasonable assurance that the plan’s financial statements are presented fairly in. Read More >>

Loan or Lease: What’s the smartest way to finance new assets?

If your company needs to expand its facilities or update equipment, you may be weighing the pros and cons of financing vs. leasing. There are many factors to consider when deciding which option is best for your company. We’ve. Read More >>

U.S. Supreme Court Reverses Quill Decision in South Dakota v. Wayfair Case

  On June 21, 2018, the U.S. Supreme Court ruled in favor of South Dakota, effectively reversing the long-held physical presence standard for sales tax collection that was in place since the 1992 Quill decision. The court’s decision makes. Read More >>

Purchase Price Agreements: You Don’t Have to Walk on Eggshells

The initial offer a business buyer makes to a seller is rarely set in stone. In most cases, the two parties must negotiate purchase-price adjustments (PPAs) — differences between the originally stated and the final price at closing. Why. Read More >>