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Accounting News
Interim Guidance on TCJA Changes to Qualified Transportation Fringe Parking Expense Rules
In a Notice and accompanying information release, IRS has provided interim guidance for taxpayers to determine the amount of parking expenses for qualified transportation fringes (QTFs) that is nondeductible under Code Sec. 274(a)(4) and for tax-exempt organizations...
read moreTax Reform Brings Changes to Qualified Moving Expenses
IRS Tax Reform Tax Tip 2018-192 For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses. Under previous law, payment or...
read moreAutomatic Consent Procedures For Insurance Company Changing Basis of Computing Reserves Under the TCJA
AUTOMATIC CONSENT PROCEDURES FOR INSURANCE COMPANY CHANGING BASIS OF COMPUTING RESERVES UNDER TCJA In a Revenue Procedure, IRS has provided the procedures under Code Sec. 446 and Reg § 1.446-1(e) for an insurance company changing its basis of computing reserves...
read moreThe Basics of Mobile App Security Testing and Development
By Cameron Hodson, Audit Senior, Larson and Company CPAs Mobile applications or “apps” have been part of everyday use for the past decade and companies have potentially dozens of apps available for employees and customers. Should we be worried if the industries’ race...
read moreWhat’s New for 2019: A Roundup of Tax Changes Going Into Effect This Year— Part I
A number of important tax changes go into effect in 2019. Some were ushered in by legislation such as the Tax Cuts and Jobs Act, the 2016 Consolidated Appropriations Act, and the Bipartisan Budget Act of 2018. Still other changes are the result of various...
read moreUpcoming GAAP Pronouncements as of 12-18-2018
Tax Planning Tips: Maximize Your Qualified Business Income Deduction
You may have heard a lot of talk in the news about a new deduction for “pass-through” income, but it’s actually available for qualified business income from a sole proprietorship (including a farm), as well as from pass-through entities such as partnerships, LLCs, and...
read moreTax Planning Tips: Beware of the Alternative Minimum Tax
As tax reform efforts progressed late last year, there were high hopes that the individual Alternative Minimum Tax (AMT) would be repealed. Unfortunately, it still exists under the TCJA. The good news is that you are allowed a relatively generous AMT exemption, which...
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