by BeallBarclay Editor | May 21, 2019 | Posts
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. And you may be able to: Shift your...
by BeallBarclay Editor | May 16, 2019 | Posts
The Tax Cuts and Jobs Act changed the rules for business auto depreciation and deductions. Here are a few highlights: Luxury auto depreciation limits The law changed depreciation limits for luxury passenger vehicles placed in service after Dec. 31, 2017. If you don’t...
by BeallBarclay Editor | May 14, 2019 | Posts
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of employer plans, up from 55.6% of...
by BeallBarclay Editor | May 9, 2019 | Posts
On May 28, 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers, which replaces all existing guidance for revenue recognition. For many contractors, implementation of the new standards may not have a...
by BeallBarclay Editor | May 7, 2019 | Posts
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. Some expenses...
by BeallBarclay Editor | May 1, 2019 | Posts
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...
