News Updates

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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Wayfair Decision: How it Impacts Sales or Use Tax for Remote Sellers

By Sanika Gore, Chartered Accountant (Indian CPA) The Supreme Court ruled recently in “South Dakota vs Wayfair Inc” that physical presence in a state is no longer required for collecting sales or use tax. This means that states may now require out of state sellers to collect these taxes from customers even if they do […]
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Traditional IRA versus Roth IRA: Which is a Better Option?

By Asha Inamdar, CPA Tax-free! Of course, that’s what everyone likes to aim for. As we all know, IRAs provide an easy way to accumulate tax-free money and save for retirement. With recent changes in US tax laws however, Roth IRAs may be a better way to save than traditional IRAs. US tax laws went […]
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Plan for your 20 Percent Pass-Through Tax Deduction

By Narender Singh With the 20 percent pass-through deduction, noncorporate taxpayers may deduct up to 20 percent of domestic qualified business income (QBI) from a: Partnership S corporation Sole proprietorship There is a limitation based on wages paid, or on wages paid plus a capital element. The deduction is not allowed for certain service trades […]
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