LGT's Profit Sense

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

Topics: Tax, accounting, TCJA, consulting, IRS, Financial, Accounting Tips

Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers like physician practice owners. Here are some of the most notable changes.

Topics: doctors, medical, practice, consulting, revenue, IRS, Accounting Tips, Tax

On the campaign trail, President Trump pledged that tax reform under his leadership would target carried interests — more widely known in the real estate industry as the “promote” in partnership agreements or operating agreements for limited liability companies (LLCs) that are treated as partnerships for tax purposes. In the end, the Tax Cuts and Jobs Act (TCJA) only modifies the rules for carried interests, largely preserving their favorable tax treatment, rather than eliminating that treatment.

Topics: Real Estate, TCJA, accounting, IRS, Accounting Tips

Many elements form the nucleus of a successful auto dealership, including exceptional customer service, a healthy work environment, an outstanding product line, and efficient inventory management. But many dealerships often hamstring themselves when overlooking a key element: leadership training and development.

Topics: dealer services, leadership

The Wayfair decision

Topics: SALT, Wayfair

Ready or not, here it comes.  Starting in 2019 for public companies (2020 for private companies), the way leases are accounted for and reported will change.  These changes can impact the financial statements of lessees.  While the implementation date might seem far away in the future, companies should start preparing for the changes in order to achieve a smooth transition.

Topics: accounting, Accounting Tips, Lease

Technological innovations and other recent developments are rapidly altering the job estimators perform for construction companies. Estimators are taking on a more collaborative, value-added role — enabling them to have a significant impact on project costs, quality and risk management. Let’s look at some of the most important changes.

Topics: accounting, Construction

As the Tax Cuts and Jobs Act (TCJA) made its way through Congress, many nonprofits understandably focused on the provisions likely to affect charitable giving. But the law also contains some significant requirements affecting unrelated business income (UBI). If you engage in “unrelated business” — and even if you don’t — you could find that your unrelated business income tax (UBIT) liability increases under the new law.

Topics: accounting, Accounting Tips, TCJA, UBI, Not-for-Profit

Many opportunities may arise in a physician practice for providing ancillary services, depending on the nature of that practice as well as the physicians’ interests. A short list includes anesthesia, diagnostic testing, endoscopy, pain management and physical therapy. (For more examples, see “12 ancillary services to consider.”)

Topics: accounting, Healthcare