Did You Receive an Unexpected Tax Refund?

Written by Michael Carr, CPA

Did you receive an unexpected tax refund? There are two possible reasons why you may be receiving these refunds. 

1. Schedule D Tax Calculation Error

The bigger refunds are typically related to an error that the IRS made in the instructions to the 2018 tax calculation worksheet. This impacts a very small portion...

Read More

Internal Controls: A Practical Approach for Nonpublic Companies

Written by Karen Shenk, CPA, CVA, CFE

This article first appeared in CFMA Building Profits (a member-only benefit) and is reprinted with permission. Copyright © 2019 by the Construction Financial Management Association (CFMA). All rights reserved. 

Construction companies are often built from the ground up without much consideration for...

Read More

DOL and IRS Expands Availability of Multiple Employer Plans

A multiple employer plan (MEP) allows employees of unrelated private-sector employers to participate in a single tax-qualified retirement plan sponsored by an employer group or association or a professional employer organization (PEO).[1] Generally, joining an MEP is an efficient way to reduce the cost of establishing and maintaining a...

Read More

Partnerships Need to Disclose More Information to IRS

On September 30, 2019, the Internal Revenue Service (IRS) posted copies on its website of draft 2019 Form 1065 U.S. Partnership Return of Income, draft 2019 Form 1065 (Schedule K-1) Partner’s Share of Income Deductions, Credits, etc., draft 2019 Form 8865 Return of U.S. Persons With Respect to Certain Foreign Partnerships, and draft 2019...

Read More

Window for Opportunity Zones is Narrowing

By Scott Hendon and Marla Miller

As the end of 2019 approaches, so does the deadline to receive specific tax benefits for Opportunity Zone investments.

Congress created the Opportunity Zone program as part of 2017 tax reform, also known as the Tax Cuts and Jobs Act of 2017 (P.L. 115-97). Opportunity zones are census tracts in low-income...

Read More

Final & Proposed Bonus Depreciation Regulations Released

On September 13, 2019, the Treasury Department and Internal Revenue Service issued final and proposed regulations regarding the first-year bonus depreciation deduction under Section 168(k) of the Internal Revenue Code for eligible assets (TD 9874). Section 168(k) was amended by tax reform to increase the bonus depreciation from 50 percent to...

Read More

Final Regulations on 100 Percent Bonus Depreciation Issued

Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final regulations adopt proposed regulations ( REG-104397-18)...

Read More

Proposed Income Recognition Regulations Provide Clarity for Accrual Method Taxpayers


On September 5, 2019, the IRS and Treasury released proposed regulations addressing the timing of income recognition for accrual method taxpayers under Sections 451(b) and 451(c), as amended by the 2017 tax reform bill known as the Tax Cuts and Jobs Act (TCJA). These eagerly-anticipated regulations provide additional clarity for...

Read More

Overtime Exemption Rule Regulations Announced

Written by Kristen O’Connell, CPP

On Tuesday, September 24, 2019, the US Department of Labor (DOL) announced the final regulations on the overtime exemption rule.

Effective January 1, 2020, the minimum salary threshold for overtime eligibility will increase to $35,568 per year ($684.00 per week). The new threshold is a compromise between the...

Read More

2020 Cybersecurity Guidelines for C-Suite Executives


Cyber-attacks arguably pose the single biggest modern threat to businesses. The number of cyber-attacks, their level of sophistication, and the financial and reputational impact they have all continue to increase at an alarming rate. The research firm Cybersecurity Ventures predicts that cybercrime will...

Read More