A Fresh Look at the Pass-Through Deduction

Posted by Ruth Ollarzabal on May 3, 2019

The deduction is allowed for tax years beginning after December 31, 2017 and before January 1, 2026. This pass-through deduction is for sole proprietorships, S corporation, and partnerships; C corporations are not eligible.

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Topics: Tax, Construction

Cautiously Confident: CEO projections for 2019

Already with more than one quarter of 2019 in the books, CEOs of small- to medium-size business (SMBs) remain cautious but optimistic about the remaining portion of the year. In a recent polling of SMB CEOs, executed by Vistage Research, CEOs said that they are are optimistic about the potential for growth in 2019 but are uncertain about their ability to realize that potential. The majority of SMB CEOs are expecting an increase in revenues and profitability, but less than 15% of them believe that the economy will improve in 2019. A critical factor here is that the brief rush of economic boom from the Tax Cuts and Jobs Act (TCJA) was negated by the unpredictable tariff price increases. Most SMB CEOs felt no impact from the TCJA, and a little less than half have been negatively impacted by tariffs. Wholesale trade, manufacturing and distribution, and construction, key underpinning sectors of the economy, report having some of the highest negative impacts of tariffs. This economic uncertainty presents a dilemma for CEOs on how to maintain growth while being cautious of a potential economic slowdown.

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Like-Kind Exchange Updates and Impacts

Posted by Briana Frost, Staff II, Tax Services on May 1, 2019

The most significant change the Tax Cuts and Jobs Act (TCJA) brought to like-kind exchanges is that it is limited to only real property held for productive use in a trade or business or held for investment. Personal property is no longer eligible for gain deferral under Section 1031.

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Will Your Company Survive Your Retirement?

Posted by Lee Ann Collins, CPA, Managing Partner on May 1, 2019

I am Lee Ann Collins, Managing Partner at Lane Gorman Trubitt, and recently I found myself awake instead of peacefully sleeping. The Notre Dame Cathedral in Paris, France was burning, and I watched the news feeds while praying with the rest of the world. The amazing emergency service teams in Paris were able to put out the fire, saving many lives and the rose window. It had me thinking about how buildings and monuments like the cathedral are a mark of those that came before us. They take a community of people to build and maintain.  Long after the architect, builder, and owner are gone, the testament to their vision and dedication remains.

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Topics: Auto, Manufacturing & Distribution, Real Estate, Construction, consulting, medical, managing sleepless nights, succession planning

Third-Party Health Care Settlements under the New Revenue Recognition Standard

Posted by Maria Leonardo on Apr 29, 2019

The changes in revenue recognition present two major issues. In this month's article, Maria will address the first issue. Next month she will complete this two part series.

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Topics: Healthcare, medical, Revenue Recognition

Is Your Company Ready For Any Kind of Disaster?

Posted by James Youngblood, Partner, Tax Services on Apr 1, 2019

No organization today, nonprofit or otherwise, can afford to ignore the possibility of a natural or manmade threat that cripples operations. From hurricanes and wildfires, active shooters and cyberattacks, to things as seemingly minor as a burst pipe, your operations are vulnerable. While some disasters are unpreventable, you nonetheless can reduce the repercussions by preparing now.

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Topics: Not-for-Profit, NFP

2019 Manufacturing Outlook and Insights

Recently Leading Edge Alliance polled manufacturers across the nation for the 2019 National Manufacturing Outlook and Insights survey. Every year we see different results, but 2019 shows a focus on growth. The top three priorities for 2019 are growing sales, improving profitability and addressing workforce shortage.

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What if the IT Guy Died!

Posted by Lee Ann Collins, CPA, Managing Partner on Mar 29, 2019

My name is Lee Ann Collins, managing partner of Lane Gorman Trubitt, LLC (LGT), a public accounting firm in Dallas, and this job is keeping me up at night.

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Topics: managing sleepless nights, disaster planning, IT

What is an Opportunity Zone?

Posted by Cory Caddell, Senior Manager, Tax Services on Mar 28, 2019

Through the new tax law, the Tax Cuts and Jobs Act (TCJA), an economic incentive program has been enacted to help prop up and foster growth in certain low-income communities. These communities are typically the hardest hit by job layoffs due to closure and/or relocation of vital local businesses.

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Topics: Real Estate, Tax Cuts and Jobs Act

Could “no-haggle” selling be right for your dealership?

In recent years, some dealerships have adopted a “no-haggle” or one-price sales model. This has been in response to several factors, including the general disdain that the public has with the negotiating process, greater transparency of vehicle pricing afforded to customers by the internet, and competition from businesses that offer no-haggle pricing such as Carvana.

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Topics: dealership, no haggle