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Private Companies Face Deadline for New Revenue Recognition Standard

A critical deadline is approaching for private companies. For annual reporting periods beginning after Dec. 15, 2018, private entities must adopt a new standard for revenue recognition issued by the Financial Accounting Standards Board (FASB). The new standard, “Revenue from Contracts with Customers,” replaces all previously existing standards and guidance in order to, among other…

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New Law, New Limit on Deductions for Business Interest Expense

The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be affected? Here’s what you need to know. How Have the Rules Changed? Under prior law, some corporations were subject to the…

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Effects of the Tax Law Vary Based on Major Life Events

Change is part of life. The Tax Cuts and Jobs Act (TCJA) has brought sweeping changes to the federal income tax rules for individuals. But how will you and your family be affected? That depends on your specific circumstances. Major life changes — from marriage and birth to divorce and death — can provide opportunities…

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New Tax Benefits of Hiring Your Kid

Summer jobs can be an effective way to teach children about financial responsibility, encourage them to save for college or retirement, and provide them with spending money during the school year. If you own a business, consider hiring your child (or grandchild) as a legitimate employee. It can be a smart tax-saving strategy for employee…

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Ensure Compliance With New York’s Revitalized 421-a Tax Abatement Program

For developers able to navigate the city’s unfolding new rules, the New York skyline offers an enticing tax break. New York’s 421-a property tax exemption lapsed in early 2016, amid escalating concerns that developers weren’t providing adequate affordable housing in exchange for tax breaks, but it was officially renewed as “Affordable New York” in April…

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New Tax Law Boosts Appeal of Qualified Small Business Corporations

Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that’s acquired on or after September 28, 2010. Sales of QSBC stock are potentially eligible for a 100% federal income tax exclusion. That translates into a 0%…

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Deducting Pass-Through Business Losses

Many business ventures generate tax losses, especially in the first few years of operation or under adverse conditions. When can losses be deducted — and how much can you deduct in any given year?

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