Upcoming Changes to Revenue Recognition for Nonprofits

Revenue recognition for Nonprofits could change drastically. Several changes have been put into place for nonprofits following generally accepted accounting principles (GAAP). Due to the complexity of upcoming changes, we’ve created a handy summary of these changes,...

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Partnership Representative Designation

The Bipartisan Budget Act of 2015 (BBA) established a centralized partnership audit regime. https://www.mcdonaldjacobs.com/wp-content/uploads/2019/02/Partnership-Representative-Designation.pdf

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S Corporation Year End Letter 2018

As an S Corporation, the below year-end housekeeping items should be considered and are recommended. Link: https://www.mcdonaldjacobs.com/wp-content/uploads/2018/12/S-Corporation-Year-End-Letter-2018.pdf

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2018 MEALS & ENTERTAINMENT UPDATE

The IRS has recently released guidance significantly changing the meals and entertainment deductions, creating separate rules for each category. Link: Entertainment & Meals Updates - White Papers

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Who needs an estate plan?

Who needs an estate plan? Quick answer: Everyone Despite what you might think, estate planning isn’t limited to only the rich and famous. In fact, your family is likely to benefit from a comprehensive plan that divides your wealth, protects your well-being and...

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IRS Regulations Regarding Service Businesses

Pass-Through Businesses The Tax Cuts and Jobs Act allows a temporary deduction in an amount equal to 20 percent of qualified income of pass‐through entities, subject to a number of limitations and qualifications. 199A Specified Services in chart format

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The Tax Cuts and Jobs Act – June 2018 Update

The Tax Cuts and Jobs Act – June 2018 Update

The Tax Cuts and Jobs Act was passed in December with many unanswered questions and ambiguities. You are likely to hear from us from time to time to give you updates when more guidance has been provided. The American Institute of CPAs as well as the head of the Ways...

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