News Updates

FAS 13 Is Now in Effect: What Does Your Business Need to Know?

By: Gulu Dubash On January 1st, 2019, the Financial Accounting Standards Board implemented a new series of rules and regulations to govern how accountants classify and report leases on taxes. This program is known as FAS 13. If your company leases any assets, you will see changes to how you put operating and finance leases […]
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Choosing a 401(K) for Retirement

By: Hima Mehta What is a 401(K)? A 401(K) is a retirement savings plan sponsored by employers. It allows you to move a portion of your paycheck into an investment account to have money available during your retirement years. Additionally, if you fall in a higher tax bracket and choose to put before-tax money into […]
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Defer your Capital Gains Tax by Investing in Opportunity Zones

By Satya Yeruva Overview The 2017 Tax Cuts and Jobs Act (TCJA) introduced a tax incentive program called “Opportunity Zones.” Opportunity Zones are low-income areas chosen by the US government for investment. New investments in an Opportunity Zone may qualify for tax deferral on capital gains. On October 19, 2018, the Treasury Department issued proposed […]
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A Dedicated Partner in Client Businesses: Satya Yeruva

Satya Yeruva is a CPA and Team Lead in our firm’s Reston, VA office. Satya Yeruva’s favorite part of his job is meeting different people from different walks of life. He enjoys learning about them, the businesses they run, and the issues they face. Satya feels a deep sense of satisfaction after solving some of […]
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What Businesses Can Deduct for Entertainment, Commuting Benefits, and Meals Under the Tax Cuts and Jobs Act

By Eunice Go After the Tax Cuts and Jobs Act (TCJA), there are various expenses that businesses can no longer deduct starting in tax year 2018. Generally, prior to 2017 Tax Cuts and Jobs Act (TCJA), employers and other taxpayers could deduct ordinary and necessary business expenses. These included cash and noncash compensation, such as fringe benefits, […]
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The Revenue Recognition Standard Will Likely Change the Way Your Company Interprets Revenue

By Prathibha Lakshmanan The new revenue recognition standard will heavily impact how most companies can classify and report revenue. This model is designed to apply to all industries so that it is easier to compare financial statements across companies. The standard takes effect in January 2019 for private businesses. Companies may need to make significant […]
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Tax Reform: the More You Plan, the More You Save!

By Pooja Srivastava In December 2017, the Trump administration made amendments to the tax law that will change your tax return for the next few years. If you plan well, subtle changes can help you save and get a good refund. In this article, we cover some of the most important changes to the tax […]
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How to Treat Virtual Currency in Your Corporate Taxes

By Hansa Patel Virtual currency is becoming more common in the corporate world. For federal tax purposes, virtual currency is treated as property. General tax principles that apply to property transactions also apply to virtual currency transactions. What is Virtual Currency? Virtual currency is entirely digital and decentralized. This means it is not managed by […]
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Roth IRAs versus Traditional IRAs: The Basics

By Kapil Handa Individual Retirement Arrangements (IRA) provide one great way to save for retirement. Roth IRAs and Traditional IRAs are the two types of IRAs that individuals can choose from. These two plans have a few differences, with a major one being when savings are taxed. With the help of a tax professional, individuals […]
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Reporting Foreign Assets: Compliance with FBAR and FATCA

By Kapil Handa FBAR and FATCA are two IRS filing regulations that require some individuals and entities to report their foreign assets or accounts above a minimum value. As more people become aware of these regulations, FBAR and FATCA compliance is improving. Reporting requirements vary between FBAR and FATCA. Generally, minimum dollar thresholds for reporting […]
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