Even some of the savviest real estate brokers can get trapped in the most common accounting mistakes. There’s a similar thread of accounting mistakes woven throughout the real estate industry that creates challenges and complications come tax time. Many of these mistakes are financial oversights that end up causing complexity, and in some situations, extra… Read more
CA, You’re Not Alone – Treasury Bans All SALT Deduction Workarounds
The Treasury Department and the IRS recently issued final regulations blocking all states from trying to circumvent the tax reform’s $10,000 cap on state and local tax deductions. In September 2018, CA Governor Jerry Brown vetoed the proposed bill to workaround the federal SALT cap, anticipating future federal regulations to ban these state circumvention strategies…. Read more
Corporations Receive Tax Clarity for Offshore Profits
The IRS released highly-anticipated clarity for multinational corporations on how U.S. tax will be calculated on foreign income. Since the 2017 tax reform went into effect, American companies have expressed the ambiguity surrounding taxation on foreign profits, requesting more direction and transparency. Last month, the IRS responded with a new set of guidelines that lessen… Read more
President Signs IRS Reform Bill
On July 1, President Trump signed into law the bipartisan IRS reform bill, the Taxpayer First Act, with plans to make overall improvements to the IRS. With changes in management and oversight, the Act implements a host of new developments in customer service, the process of appeals, technology infrastructure and cybersecurity, among others. Customer Service… Read more
Not-for-Profits Now Benefit from GAAP Alternatives
The Financial Accounting Standards Board (FASB) recently announced that it will now extend two of its private company accounting alternatives to include not-for-profit organizations through Accounting Standard Update (ASU) 2019-06. The Private Company Council (PCC), together with the FASB, did not include not-for-profit entities within the scope of the ASU issued in 2014 to simplify… Read more
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