Jan 20, 2020 | Assurance, Firm Updates
In July 2019, the AICPA Auditing Standards Board issued the Statement on Auditing Standards (SAS) 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefits Plans Subject to the Employee Retirement Income Security Act of 1974 (ERISA). The SAS...
Jan 17, 2020 | Firm Updates, Small Business
The Modified Accelerated Cost Recovery System (MACRS) is required for most tangible depreciable property placed in service after the year ending December 31, 1986, unless certain specific exceptions apply. The useful lives under MACRS include 3, 5, 7, 10, 15, 20,...
Jan 13, 2020 | Firm Updates, International Tax
It’s that time of the year again! The IRS has issued its 2020 inflation adjustments. Just like last year, we will provide you with an overview of the adjustments related to international tax items for tax year 2020. Please feel free to hop over to our 2019...
Jan 8, 2020 | Firm Updates, Individual Tax
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary...
Jan 6, 2020 | Firm Updates, Individual Tax
An ITIN is a tax ID number used by taxpayers who don’t qualify for a Social Security number. Certain ITINs expire at the end of each year, so if you have an ITIN, it is important to be aware of the expiration. Any ITIN with middle digits 83, 84, 85, 86 or 87, as...
Dec 24, 2019 | Firm Updates, Individual Tax, Retirement Planning
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also...
