Representatives from private companies and their auditors told the FASB on June 26, 2018, that it will be a scramble to the finish line for many of them as they implement the board's revenue accounting standard. Members of the FASB's…
Imagine saving thousands of dollars on your next commercial real estate transaction. Section 1031 of the U.S. Internal Revenue Code allows for the exchange of one investment property for another, providing the opportunity to defer the capital gains tax on…
An S corporation is taxed differently than an unincorporated proprietorship because the S corporation doesn’t incur self-employment tax. This is the tax on a proprietor’s profit that substitutes for payroll taxes covering Social Security and Medicare. Shareholders of an S…
The midyear financial assessment is a common practice among entrepreneurs who have successfully navigated both the ups and downs of their small business. They know that regularly assessing accounting measures will validate management decisions and uncover areas for improvement. Fortunately,…