Year-End Tax Planning Moves

Posted by lgtcpa on Oct 15, 2018

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.

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

New Law Increases Holding Period for Carried Interests

Posted by Cory Caddell, Tax Services Manager on Sep 24, 2018

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.

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

Sooner than Later: Changes in Lease Accounting

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.

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Topics: accounting, Accounting Tips, Lease

Collaboration and the Estimator's Role

Posted by Kyle Pacheco, ASD Senior Manager on Aug 29, 2018

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.

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Topics: accounting, Construction

Changing the Rules: The TCJA and how it effects UBI

Posted by Jules DeWitt, CPA, ACS Supervising Senior on Aug 29, 2018

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.

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

Should you offer Ancillary Services? Here's the Pros and Cons

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.”)

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Topics: accounting, Healthcare

Lock down financial assets with the right controls

Posted by Trey Hardy, Tax Supervising Senior on Jul 25, 2018

You’ve got a fence around the job site. Your heavy equipment is turned off and the keys stored securely. Your materials are tied down and, where possible, kept out of sight. But what about your financial assets? Are you protecting those as carefully as your physical assets?

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Topics: Tax, accounting, consulting, Construction

Four ideas to counter shrinking donations under the new tax law

Posted by James Youngblood on Jul 25, 2018

Passage of the Tax Cuts and Jobs Act (TCJA) last year spread dismay in the nonprofit community. With several provisions in the law expected to depress charitable giving, nonprofits should mobilize to minimize the negative impact on their bottom lines.

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Topics: accounting, consulting, Not-for-Profit, Tax

Sitting pretty

Posted by Cory Caddell, Tax Services Manager on Jul 25, 2018

Real estate industry among the big winners on new tax law

By passing the Tax Cuts and Jobs Act (TCJA) in late December 2017, Congress granted the holiday wishes of many involved in real estate. While the TCJA brought good cheer for the business community in general, the real estate industry is particularly likely to reap some lucrative rewards.

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Topics: Tax, Real Estate, accounting

Navigating a shifting landscape

Posted by Jules DeWitt, CPA, ACS Supervising Senior on Jul 25, 2018

Every medical practice faces ongoing challenges in maintaining a successful bottom line. New challenges arise whenever Medicare and Medicaid policy, or the economy, changes. Still, a handful of problems rise to the top in most medical practices. Here are some ideas for solving them before they become overwhelming.

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Topics: Financial, Accounting Tips, consulting, Healthcare, doctors, accounting