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Learn MoreThe Treasury Department recently issued proposed regulations that address the flow through of qualified business income to shareholders of Regulated Investment Companies (RICs) for purposes of Section 199A. This section of the Tax Cuts and Jobs Act (TCJA) allows for up to a 20% deduction on...
Read MoreSince the enactment of the Tax Cuts and Jobs Act (TCJA), states have been modifying their tax structures to assist resident individuals who are now subject to a $10,000 cap on deducting state and local taxes at the federal level. The limitation only applies to individuals and does not apply to...
Read MoreTax reform’s new rule that employers can no longer deduct parking expenses for employees impacts both tax-paying and tax-exempt organizations — and represents a big change for everyone. Accordingly, the IRS recently released interim guidance in Notice 2018-99, aimed at helping employers determine...
Read MoreOn January 18, 2019, the Treasury Department issued proposed regulation Section 1.199A-3 related to qualified business income, qualified Real Estate Investment Trust (REIT) dividends and qualified Publicly Traded Partnership (PTP) income. These regulations specifically address the flow through of...
Read MoreAccounting Standards Update (ASU) No. 2016-14 is effective for not-for-profit organizations with fiscal years beginning after December 15, 2017, which means for calendar year-ends 2018 and fiscal year-ends 2019. If you haven’t already, now is the time to develop and put into place the following...
Read MoreThe Tax Cuts and Jobs Act (TCJA) included a favorable deduction for businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual income. The IRS issued proposed regulations for the qualified business income deduction (QBID), or Section 199A...
Read MoreThe Financial Accounting Standards Board’s (FASB’s) new standard for accounting for leases is poised to take effect for public companies and certain other entities for periods beginning after December 15, 2018. Although early adoption is permitted, other organizations that follow U.S. Generally...
Read MoreAre you thinking about renovating or expanding your aging Michigan manufacturing facility? Are you considering building a new facility or going high tech? If so, obtaining a Michigan Industrial Facilities Exemption Certificate (IFEC) could save you a significant amount on property taxes. What is...
Read MoreIf your company has gone through an audit or review before, you know the result is a critical report that will be used throughout the year to communicate with investors, lenders and other key users of your financial statements. You also know the audit process isn’t always simple and...
Read MoreThe Tax Cut & Jobs Act (TCJA) changed the rules for employers offering Qualified Transportation Fringe (QTF) benefits to employees. Effective January 1, 2018, employers may no longer deduct the expense of those benefits, unless it’s necessary for the safety of the employee. Most notably, QTFs...
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