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Education as a Small Business Fringe Benefit

The Tax Cuts and Jobs Act of 2017 dramatically reduced taxpayers’ ability to itemize deductions. Among the tax deduction opportunities that have vanished, from 2018–2025, are miscellaneous itemized deductions...

The Forever G.I. Bill

When you think of the G.I. Bill, you probably recall reading about a program designed to help military veterans receive college educations after they left the armed forces following World War II. Somewhat less known...

Youth Movement: 529 Plans for Elementary and Secondary Education

For many years, 529 college savings plans have offered a tax-favored way to save for higher education. These plans, officially qualified tuition programs, are named for the IRC section that provides their advantages....

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...

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...

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...

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...

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...

Deducting Expenses for Business Use of your Home

The home office deduction is one of the most overlooked deductions by small business owners and those that are self-employed. If the expenses associated with the business use of your home qualify for the deduction,...

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