New Jersey Enacts Pass-Through Business Elective Entity Tax and Tax Credit
This January, NJ Governor Phil Murphy signed the Pass-through Business Alternative Income Tax Act into law. This established a new elective pass-through business “alternative income tax” with a parallel income tax credit for members. This new tax structure is...
Business Meals and Entertainment Deductibility – Historical vs. Current
Although the Tax Cuts and Jobs Act’s (TJCA) changes to meals and entertainment expenses went into effect for expenses incurred or paid after December 31, 2017, the deductibility of meals and entertainment expenses remains a hot (and confusing) topic among ...
The Five Step Model of Revenue Recognition
The new revenue recognition standards under ASC 606 are now in effect for all non-public companies. The new standard provides a five step model for recognizing revenue. The five steps are described below with items that companies should consider as they evaluate their...
The Stretch is Gone….
The “Setting Every Community Up for Retirement Enhancement Act”, or the SECURE Act, began impacting individuals on January 1, 2020. One of the major changes brought on by this Act is to eliminate, for most individuals, the ability to take required minimum...
Old Pro
Hello Again! It is about one month into the New Year. I am no longer the newest intern in the office, and Tax Season has officially begun! I started off working on updating all the new clients’ information because we recently acquired a firm and as a result inherited...
The SECURE Act
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. SECURE will change how you think about saving for retirement. The Act is comprised of 29 provisions, and here are some of the highlights: Starting in...
Fintech Revolution
With the uncertainty brought by an election year, many businesses are expected to approach 2020 with caution concerning investment and expansion. While many CPAs may be cautiously budgeting and forecasting the year ahead, major technological advances are anticipated....
Changes in the GAAP Treatment of Equity Securities
Effective for fiscal years beginning after 12/15/18, FASB ASU 2016-01 will apply for equity investments, except investments in equities accounted under the Equity Method. This ASU effectively eliminates the previous categories of trading, available-for-sale, and cost...
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