accounting

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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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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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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