Tax Talk – 20% Deduction
This week’s Tax Talk is focusing on the new 20% Deduction available through the Tax Cuts & Jobs Act of 2017. We have put together a reference chart on on how to determine eligibility. To
Tax Talk – New Tax Law Meals & Entertainment Expense Update
With the new Tax Law (Tax Cuts and Jobs Act) there have been several changes with meals & entertainment (M&E) expenses. Click here to download the M&E chart
Tax Cuts and Jobs Act 2017 Webinar
On Thursday, February 8th, Pease & Associates, CPAs’ Tax professionals conducted the first “Tax Talk” webinar to examine the recent Tax Cuts and Jobs Act 2017. They provided insights on how this new tax reform
Income statement items warrant your auditor’s attention
Today’s auditors spend significant time determining whether amounts claimed on the income statement capture the company’s financial performance during the reporting period. Here are some income statement categories that auditors focus on. Revenue Revenue recognition
Don’t be a victim of tax identity theft: File your 2017 return early
The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October
5 common sources of substantive audit evidence
Do you understand how auditors verify account balances and transactions? This knowledge can minimize disruptions when the audit team visits your facilities and maximize the effectiveness of your audit. Here’s a list of five common
Most individual tax rates go down under the TCJA
The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which
Got multiple locations? Expect auditors to keep a close eye on inventory
Do you remember the high-profile fraud that happened at drugstore chain Phar-Mor in the 1990s? Executives manipulated the company’s financial statements to hide approximately $500 million in losses. A key ploy that perpetrators used in
Tax Cuts and Jobs Act: Key provisions affecting corporations and individuals
On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years, and according to this C.P.A. for freelancers in NYC, freelancers are going to benefit tremendously. Commonly called the
Make budgeting part of your New Year’s resolution
It’s important to resist the temptation to rely on gut instinct or take shortcuts when budgeting for 2018. Creating a solid budget and business structure such as the canvas business model, that’s based on the three
7 last-minute tax-saving tips
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31: Pay your 2017 property tax bill
How to conduct a year-end risk assessment
Auditors assess their clients’ risk factors when planning for next year’s financial statement audit. Likewise, proactive managers assess risks at year end. A so-called “SWOT” analysis can help frame that assessment. Typically presented as a
