Tax Reform: Tax Cuts and Jobs Act
We now have the long awaited tax reform promised by the Trump Administration and Republican Congress known simply as the “Tax Cuts and Jobs Act”. This 500+ page legislation makes major changes to our income tax system but also retains much of the infrastructure and concepts in our current law and regulations.
Click on the links below for an overview and analysis of the new legislation.
Please contact us before taking any action as the rules can be complex and the regulations have not even been drafted yet. As always, we are here to serve you and help you develop a plan and strategies to manage your taxes.
Expenses with Special Tax Treatments
Rand Hansen, CPA
We would all like our tax law to be simple and straightforward. If an expenditure is an expense, we think it should be deductible. Simple as that. Unfortunately, the reality is quite different. Many of the expenses we incur in our businesses require additional calculations to determine the deductible amount or additional documentation or filings to qualify for the deduction. Knowing these rules and requirements may preserve a deduction to which you might be entitled…
2017 Year-End Reporting Requirements
Click below for information on the following year-end filings.
Reporting on Verification Requests
Jodi Rinne, CPA
Increasingly, CPAs are receiving requests from clients, lenders, loan brokers, health insurance providers, adoption agencies, regulators and various other agencies to confirm or verify client information. The requested information may relate to a pending loan, employee medical insurance, child adoption applications or use-tax certification. In most cases, CPAs are asked to provide a confirmation or comfort letter containing specific language or a statement or certification verifying certain information…
Preparing to Sell Your Business
Gene Garrelts, CPA, CFP
As a business owner, you know that every major decision requires careful thought and preparation. What bigger decision is there than opting to sell your business and then under what terms and for what amount?…
IT Security Spending Up, Security is Not
There are two recent surveys that report on a variety of matters but essentially demonstrate how ineffective business resources have been at providing a secure environment.
On average, survey respondents reported that IT security budgets grew a robust 17 percent during the past 12 months. That is on top of a 21 percent increase reported one year ago in the initial Cyren-Osterman Research survey. However, 68 percent of businesses reported one or more breaches or infections during the prior 12 months, and significantly less than half believe they are well prepared to meet priority threats like ransomware, phishing and zero-day exploits…
Inside our Firm
We welcome new team members to our firm and announce a promotion…