Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one.
How will the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — affect your company’s financial statements? That’s a hot topic among CFOs, audit boards and CPAs.
With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets.
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax.
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses.
The world is essentially a global network for data transmission, which makes identifying and securing personal information even more difficult. For decades, professionals have been implementing a multitude of risk-based or security-focused frameworks to manage and protect their environments.
In December, significant changes to the federal income tax system were signed into law. Now companies must apply the effect of the tax law changes to their fourth-quarter financial statements. For many companies, that will be a complex task.