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The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting Standards Codification (ASC) Topic 810, Consolidation, was designed to prevent companies from hiding liabilities in off-balance sheet vehicles. It

A bad hire can lead to more than just disappointment. Disgruntled employees may draw bad publicity; file complicated, expensive lawsuits; and even disclose or destroy sensitive data. Many employers are adding background checks to their hiring processes for these reasons. If you’re thinking about joining them, here are some dos and don’ts to follow. What

The phrase “payroll record-keeping” may conjure images of pay-stubs and W-4s. But there are other aspects that often fly under the radar and lead to administrative slip-ups. Here are three examples. 1. Fringe benefit records The tax code provides an explicit record-keeping requirement for employers with enumerated fringe benefit plans, such as: Health insurance, Cafeteria

Year-end planning for 2018 takes place against the backdrop of a new tax law-the Tax Cuts and Jobs Act-that makes major changes in the tax rules for individuals and businesses. We have compiled a checklist of actions that may help you save tax dollars if you act before year end. Not all actions will apply

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or