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Depreciation Under the New Tax Law

When a business acquires an asset that will last longer than a year, the cost of the asset must be expensed over time to match the asset's life instead of being deducted all at once. This treatment increases taxes in the short term, and the tax code has evolved to create many exceptions for the business owner to try to expense more of the asset's cost sooner rather than later. Depreciable Assets - An... Read More

Automatic Individual Taxpayer Estimated Tax Relief

The IRS announced that the relief that it announced earlier this year, with respect to the individual taxpayer estimated tax penalty for 2018, will be automatically applied to taxpayers who filed their 2018 returns but did not claim the relief. Background-the individual taxpayer estimated tax penalty, generally. Code Sec. 6654 imposes a penalty on individuals who underpay estimated tax. To avoid the... Read More

Get Started Now on Year End Tasks

Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here are a couple of tips to make year-end go smoother. Cleaning up Things will go a lot smoother if you reach out to your vendors and employees and get their help to update your records. Send a notice to all employees, asking them to verify their... Read More

HLB Named Finalist for Network of the Year

HLB, the global advisory and accounting network, has been selected as one of the finalists in the category of 'Network of the Year' at this year's Digital Accountancy Awards, to be held in London on October 3. To be considered for this award, nominees had to demonstrate the execution of profitable growth strategies, be recognized by the industry as a reputable brand and have excelled in a number of key... Read More

Oct/Nov 2019 Dates to Remember

October deadlines Oct. 1 - 2018 Income tax return for Estates and Trust( form 1041) filing deadline. Oct. 10 - Form 4070- Employees use form 4070 to report tips to the employer. This includes cash tips, tips received from other employees, and debit and credit card tips for tips received more than $20 during September. October 15- Deadline to file extended 2018 individual tax return(form 1040);... Read More

Sept/Oct Dates to Remember

Sept 10 - Form 4070- Employees use form 4070 to report tips to the employer. This includes cash tips, tips received from other employees, and debit and credit card tips for tips received more than $20 during Aug. Sept 16 Employers - For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in Aug if the monthly rule applies. Individuals- If you... Read More

IRS Issues Draft 2019 Form 1040

The IRS has issued draft versions of 2019 Form 1040 and the schedules that accompany that form. Notably, the six schedules that existed in 2018 are now just three schedules in the 2019 drafts. Here are some of the notable changes from 2018 that are reflected on the 2019 drafts: The filing status line at the top of Form 1040 asks for additional information for taxpayers whose filing status is... Read More

How to Read Your Income Statement

The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear it called the Profit and Loss Statement, or P&L. The income statement can give you all kinds of insights as to whether you are bringing in enough sales, if your prices are... Read More

Boost Your Accounting Know-How with These Terms

The field of accounting has its own vocabulary, which can sound like a foreign language to some people. Your financial savvy will increase by learning a few new accounting terms. You'll be "speaking accounting-ese" in no time, and you'll become a smarter entrepreneur too. Trial balance - A trial balance is an accounting report that simply lists the current balances of your accounts in your chart of... Read More