The Tax Cuts and Jobs Act (TCJA) dealt several blows to the nonprofit sector. One of them is that, effective January 1, 2018, nonprofit employers are subject to tax on transportation fringe benefits provided to employees. The IRS recently released Notices 2018-99 and 2018- 100 to provide guidance on this issue.
Summer is here, which means it’s vacation time! If you’re a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might not qualify for the business travel expense write-offs you’re expecting.
When was the last time you closely examined your retirement plan’s internal controls? If you’re not sure, or if the answer is “a while ago,” then now is a good time to take a close look at these controls.
If you’re a business owner and you hire your child (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money.
The Tax Cuts and Jobs Act changed the rules for business autos. Here are a few highlights.
Despite the prevalence of employers offering Roth 401(k)s, most employees aren’t choosing to contribute to them. If you offer a Roth 401(k) or you’re considering one, educate your employees about the accounts to boost participation.
Landmark PLC, Certified Public Accountants is pleased to announce Senior Accountant Kenny Whitehead has been named to Northwest Arkansas Business Journal’s Fast 15 list.
New revenue recognition standards for contractors seem pretty simple until you start thinking about some of the complexities inherent in construction contracts. Let’s take a look at a couple of key concepts.
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can write off office supplies and certain other expenses.
Errors in allocating contract costs on the job schedule can produce some unpleasant surprises. Sometimes when financial statements are audited according to U.S. generally accepted accounting principles (GAAP), a project that seemed to be profitable can suddenly turn into a loss. In many instances, this is due to the discovery of job-related costs that were not properly allocated to the project.