Jan 22, 2019 | Firm Updates, Individual Tax, Tax Tips
If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter—can you still claim an itemized deduction for the...
Jan 21, 2019 | Firm Updates, Small Business
The New York State Department of Taxation and Finance recently published guidance on the requirements for out-of-state vendors to register and charge sales tax. This guidance follows the Supreme Court ruling in South Dakota v. Wayfair, which removed the physical...
Jan 16, 2019 | Firm Updates, Individual Tax
While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks—and, in some cases, due to their filing status. But some may see...
Jan 14, 2019 | Assurance, Firm Updates
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...
Jan 14, 2019 | Firm Updates, International Tax
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...
Jan 9, 2019 | Firm Updates, Individual Tax
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...