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Accounting Standards Update for Revenue Recognition

When the Financial Accounting Standards Board (“FASB”) passed Accounting Standards Update (“ASU”) 2014-09 for revenue recognition, concern about the time and requirements involved with implementing the standard arose quickly. Despite several years passing, concern remains about regarding these new requirements. Companies in every industry are looking into how this ASU will affect their... Read More

Bureau of Economics Analysis Form BE-120

Purpose of Form The Bureau of Economic Analysis (“BEA”) is collecting the Form BE-120 Benchmark Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons. The survey is intended to gather data on transactions in selected services and intellectual property types between U.S. and foreign persons. Per the BEA, the collected information will be used “to formulate... Read More

HLB International Appoints New Member in Vancouver

HLB International, one of the leading global accountancy networks with presence in 150 countries, continues its growth with the recent signing of a new member firm in Vancouver, Canada - Facet Advisors. Established in 1998, Facet supports local, national and international businesses and individuals with services in Audit, Business Consulting, Succession Planning, Corporate Tax Planning, US... Read More

New Form 1040

https://www.irs.gov/pub/irs-dft/f1040--dft.pdf Above is a link to the draft of the 2018 1040. It will have a substantial number of changes including more use of supplemental schedules. The 2018 draft Form 1040 contains fewer entries than the 2017 Form 1040 for types of income received by the taxpayer. The omitted items were moved to new Schedule 1, including taxable refunds, credits, or offsets... Read More

July/August Dates to Remember

July 16 Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in June, if the monthly rule applies. July 31 Employers. For Social Security, Medicare, and withheld income tax, file Form 941 for the second quarter of 2018. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed... Read More

Moving Your Business to Avoid the SALT Cap

The Tax Cuts and Jobs Act of 2017 has put a cap on state and local tax (SALT) deductions. Beginning with your 2018 tax return, if you itemize deductions, you can count no more than $10,000 a year of SALT deductions for income and property tax on a single or joint tax return (you can choose to include sales tax instead of income tax). SALT deductions (other than those for state and local income taxes) are not... Read More

Don't Neglect Estate Planning

The federal estate tax exemption now exceeds $11 million per person. Accordingly, few individuals or married couples will owe this tax. Nevertheless, there is more to successful wealth transfer than reducing or eliminating estate tax. Ideally, you’ll want your assets to pass to the desired recipients with a minimum of turmoil and expense. To start, you should have a will prepared by an experienced... Read More

More Give in the Gift Tax

The Tax Cuts and Jobs Act of 2017 increased the federal estate tax exemption to $11.18 million for 2018. That’s per person, so the combined exemption for a married couple can be as much as $22,360,000 worth of assets this year. The same ceilings apply to the federal gift tax, which offsets the estate tax. Example 1: Mona McAfee plans to give $20,000 to her son Luke this year. Does that mean that... Read More

Supreme Court Decision on Sales Tax for Online Retailers

Earlier today, the Supreme Court of the United States released its highly anticipated decision on South Dakota v. Wayfair. The court upheld South Dakota’s ability to collect and remit sales tax from online retailers that do not have a physical presence in the state. The decision effectively reverses the ‘physical test’ precedent set in Quill Corp. v. North Dakota (1992), which... Read More