Category Archives: General
Prior to the Tax Cuts and Jobs Act, a meal incurred during, directly before or after a sporting event or associated with entertainment was complimentary and inseparable. Both the meal and the entertainment qualified for a 50% deduction. With the Tax Cuts and Jobs Act, the question yet to be determined is – does the […]
Not-for-profit entities with 12/31/18 year-ends will be implementing ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities in their financial statements. With limited exceptions (related to comparative financial statements in the areas of the new functional and natural expense analysis and the new liquidity and availability disclosures) ASU No. 2016-14 is required to be […]
Tax Cuts and Jobs Act Amends Changing the Inflationary Adjustment Calculation from Utilizing“CPI index” to a “Chained-CPI index”
By Surgent CPE
Hidden beneath the towering waves of the tax transformation tsunami commonly referred to as the “Tax Cuts and Jobs Act” of 2017; lies a somewhat over-shadowed verse which may presently fail to excite many appetites. The seemingly shallow amendment applies to the very first code section. Code §1 refers to the imposition of tax. It […]
If you are a movie fan, you are likely looking forward to this summer’s releases of Solo, A Star Wars Story, Incredibles 2, or perhaps Jurassic World: Fallen Kingdom. Well, if you audit governments and/or not-for-profits, another summer blockbuster to watch for is the 2018 Yellow Book revision. It is estimated that the new Yellow […]
As both public and private companies scramble to complete the new revenue standard, Topic 606, they should not lose track of the fast approaching effective date for the FASB’s new lease accounting guidance, Topic 842. In addition to requiring the capitalization of all leases by companies, along with the related lease liability, the new lease […]
Under AU-C section 240, Consideration of Fraud in a Financial Statement Audit, the auditor is required to evaluate whether information obtained from risk assessment procedures and related activities performed indicates that one or more fraud risk factors are present. Management should also be looking for and responding to the presence of accounting fraud risk factors. […]
On February 9, 2018, Congress passed and President Trump signed into law the Bipartisan Budget Act of 2018. The main purpose of the legislation was to fund the government through March 23, 2018, but it also provided a few relevant retroactive tax changes we should note and be aware of for tax year 2017. The […]
Choice of entity is undoubtedly a discussion for practitioners currently meeting with clients for tax return preparation. Clients are confused as to which structure–C corporation or S corporation–is best suited for their entity after tax reform. The Tax Cuts and Jobs Act lowered the tax rate for C corps to 21%. Moreover, the new §199A […]
Since I frequently hear the same three questions about QuickBooks Desktop at the start of every new year, I thought I’d share these most-asked QuickBooks year end questions (and answers) with you! 1. How do I close the year in my QuickBooks file? Answer: You don’t! QuickBooks company files do not require or support a year-end […]
Republican lawmakers released their conference committee report for The Tax Cuts and Jobs Act on December 15, 2017. This compromise tax reform package passed in both the House and Senate the week of December 18th. President Trump’s signature has heralded in the most substantive changes to the tax code in over 30 years. The basic […]
