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Louisiana Reacts to the Federal Cap on State and Local Tax Deductions
On June 22, 2019, Louisiana governor John Bel Edwards signed into legislation Senate Bill 223, which enables pass-through entities like partnerships and S corporations to elect to be taxed at the entity level. The purpose of this litigation is to mitigate the effects of the federal cap on state and…
It’s a Good Time to Buy Business Equipment and Other Depreciable Property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded…
Jump on New or Expanded TCJA Tax Breaks
Benjamin Franklin once said, “Don’t put off until tomorrow what you can do today.” From taking advantage of growth opportunities to claiming tax deductions, this timeless wisdom applies in many business scenarios.
Calculating Fraud Damages Isn’t as Simple as It May Seem
When businesses are defrauded, courts can — and in some states must — order restitution. But it isn’t always easy for judges to decide how much a company has lost. That’s where fraud experts can help.
How Much Is Goodwill Worth? FASB Allows Nonprofits to Use Simpler Report
The Financial Accounting Standards Board (FASB) released an accounting standard on May 30, 2019, that allows nonprofit organizations to use simpler, less expensive techniques available to private companies to report goodwill and certain identifiable intangible assets. The recent update is effective…
M&A Transactions: Avoid Surprises from the IRS
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way. Otherwise, you may increase your chances of being audited. If a sale involves business assets (as opposed to…
Documentation Is the Key to an Effective Fiduciary
Mistakes are costly in any industry, but when it comes to employee benefit plans, you're dealing with someone's retirement income and their livelihood.
Nice Try, States! IRS Shuts down Attempted Bypass of Cap on State and Local Tax Deduction
To the dismay of high-tax states like New York and California, the Tax Cut and Jobs Act (TCJA) established a $10,000 limit on the amount of combined state and local taxes an individual can deduct on their federal income tax return. Several of those states attempted to help their residents…