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,...
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
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
S Corporation Year End Housekeeping Items for Bookkeepers
Since you are the frontline for many of our clients, we are writing to remind you of the proper tax treatment of several items that often get overlooked:
2018 Information Return Filing Requirements
The due date for 2018 Forms W-2, W-3, and 1099-MISC with data in box 7 for non-employee compensation is January 31, 2019, and applies to paper and electronically filed returns.
TAX CUT & JOBS ACT: CHANGES REGARDING PARKING TRANSIT PASSES
As part of the Tax Cuts & Jobs Act of 2017, there are new rules for transportation fringe benefits. Parking and transit passes are no longer deductible. Link: Tax Cut Jobs Act Changes Regarding Parking Transit Passes
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
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...
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
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...
