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The Tax Cuts and Jobs Act of 2017 (TCJA) made comprehensive changes to the tax code. It’s not surprising that the IRS is in the process of making clarifications to these changes, including proposed regulations for the complex Section 199A deduction.
This is an important deduction against income tax of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship, partnership, S-corporation, trust or estate.
This article explains how the Section 199A deduction works under new tax reform, including income thresholds and calculations..
The House of Representatives passed three new bills collectively referred to as Tax Reform 2.0 on September 28. These bills were introduced by House Republicans as a follow-up to the Tax Cuts and Jobs Act (TCJA) legislation passed last year. Some of the bills must still receive at least 60 votes in the Senate, which most commentators consider an unlikely outcome.
This article summarizes the main points of the newest tax reform bill.
Welcomed guidance has been issued by the IRS that confirms businesses can generally continue to deduct 50 percent of the cost of business meals, including those incurred while meeting with or entertaining customers and clients. However, pursuant to changes made by tax reform, the cost of the entertainment itself can no longer be deducted for 2018 and beyond even when business discussions are conducted.
In this article, Marvin and Company explains how business meals can still be deductible.
The FASB issued ASU 2018-14 to improve the effectiveness of disclosures for defined benefit plans under ASC 715-20. The ASU applies to employers that sponsor defined benefit pension or other postretirement plans. The ASU is available here, and is effective for public business entities for fiscal years ending after December 15, 2020, and for all other entities, the effective date is fiscal years ending after December 15, 2021. Early adoption is permitted.
In this article, Marvin and Company explains the amendments in disclosing requirements for benefit plans.
The New Nonprofit Revenue Recognition Standards
Nonprofits are well aware that the Tax Cuts and Jobs Act (TCJA) of 2017 will alter the use of charitable contributions normally made to gain of charitable deductions. After all, the Act nearly doubled the standard deduction, making it much more unlikely that taxpayers will itemize their tax returns to take a deduction for such contributions. But the law also modified provisions of the unrelated business income tax (UBIT) that could directly impact the finances of tax-exempt organizations.
In addition to having an effect on nonprofit contributions, new tax reform modified the unrelated business income tax (UBIT). This articles explains what nonprofit organizations need to know.
QuickBooks Online was built to work with transactions downloaded from your online financial institutions. Here’s how to work with them.
The ability to import transactions from financial institutions into QuickBooks Online is definitely one of the best things about the site. You may have even signed up for that very reason. By now, you’ve probably already set up at least one connection. But are you using all of the QuickBooks Online’s account tools? There’s a lot you can do once you’ve imported in data from your bank or credit card provider.
This article will explore these features.
The time-consuming part’s over once you’ve entered bills in QuickBooks. Here’s how to pay them.
Last month, we explained that the process of paying bills in QuickBooks requires two separate sets of actions. We went over what’s required to enter bills and to set up reminders so they don’t get overlooked.
This month’s article will walk you through the second step: paying the bills.
Marvin and Company, P.C., an award-winning Capital Region accounting, auditing, taxation and management consulting firm, is pleased to announce the addition of two team members.
“Marvin and Company is excited to welcome new talent to our team with the addition of Rachel and Halle,” said Director Kevin O’Leary, CPA. “We love expanding our team. The fresh perspective new additions add to our firm is invaluable and helps us continue to provide excellent client services. We look forward to seeing these young professionals grow within our firm.”
We did it again and we're so proud!
Thank you to our hard working employees for all that they do to make Marvin and Company a BEST PLACE TO WORK - it's all because of you!
The next few years will include the implementation of multiple challenging new accounting standards. ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, makes changes to the way organizations report investment expense. This article outlines the changes, helps clarify the terminology, gives practical considerations and shares tips on what organizations need to do.