Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
The New Revenue Recognition Standard Is Here – Is Your Organization Ready?
Effective for annual reporting periods beginning after December 15, 2018, all U.S. Generally Accepted Accounting Principles (GAAP) nonpublic entities are subject to the new revenue recognition guidance under Accounting Standards Codification (ASC) 606. The standard...
2019 Inflation Adjustments Affecting International Tax Issues
At the end of each year, the IRS adjusts certain tax items to account for inflation. The 2019 inflation adjustments were recently announced for more than 60 tax items. Of those, here are some of the adjustments related to international tax items: Inflation Adjustments...
Two major tax law changes for individuals in 2019
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care...
Renata Dabrowska Promoted to Partner at Sciarabba Walker & Co., LLP
Accounting and business consulting firm Sciarabba Walker & Co., LLP announced the promotion of Renata Dabrowska to partner, effective January 1, 2019. With Ms. Dabrowska’s promotion, women now make up 50 percent of the firm’s partners. Ms. Dabrowska joined...
The TCJA’s Impact on Home Office Deductions
The Tax Cuts and Jobs Act suspended miscellaneous itemized deductions, including the deduction for unreimbursed employee business expenses (expenses ordinary and necessary to your profession, but not reimbursed by your employer). Under the old law, some employees who...
A refresher on major tax law changes for small-business owners
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or...
You may be able to save more for retirement in 2019
Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to...
New and Updated International Tax Forms
The Tax Cuts and Jobs Act (TCJA) includes sweeping changes to international tax law. In light of these changes, the IRS is working on adding and updating tax forms and schedules to reflect the new provisions of the TCJA. Some of the forms have been released as drafts...
Act soon to save 2018 taxes on your investments
Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments—you just need to carefully select which investments you sell. Try balancing gains and losses If you’ve sold...
Year-end tax and financial to-do list for individuals
With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by...