The passage of the Tax Cuts and Jobs Act of 2017 sent people in highly taxed states scrambling to get their property taxes paid in 2017 before new limitations affected their deductibility in 2018. Will these property tax pre-payments be deductible in 2017? Well, that depends. New Jersey taxpayers need to be aware that the […]

Fraud costs companies 5% of their annual revenues each year, according to the most recent Report to the Nations on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners (ACFE). To illustrate what this means, the 2016 edition of the global fraud study reports that the median fraud loss among for-profit businesses was approximately […]

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” […]

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 can be complex. Under current accounting rules, companies follow a patchwork of industry-specific guidance. So, companies in different industries may record revenue for […]

For many companies, there comes a time when owners must decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space. In some cases, it’s a relatively easy decision. Maybe you’re happy where you are and feel like such a part of the local community that moving isn’t […]

Most estate plans focus on what happens after you die. But without arrangements for what will happen in the event you become mentally incapacitated, your plan is incomplete. If an accident, illness or other circumstances render you unable to make financial or health care decisions — and you don’t have documents in place to specify […]

As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end. It’s essential to your company’s survival, however, to find time for strategic planning. Lost in the weeds Business owners put off strategic planning for many reasons. New […]

With the passing of a new tax bill imminent a question that has risen is whether to prepay your individual state income and real estate taxes.  As most of you are aware the new tax bill will limit the deduction for state taxes to a combined $10,000 starting in 2018. The bill will limit the […]

In a last-minute addition to the new tax bill, a provision was added to help real estate owners.  The bill will allow entities with little or no payroll to receive a pass-through deduction.  Under the general proposal if the pass-through entity has no payroll then they will not be allowed a deduction.  The rationale is […]