NSAC Happenings and Latest News - Page 70
IRS Increases Tax Deductions for 2020
The Internal Revenue Service issued its annual inflation adjustments for dozens of tax items and tax schedules Wednesday, saying the standard deduction for married taxpayers who file joint tax returns will increase $400 to $24,800 in tax year 2020, while for single taxpayers and married individuals who file separately, the standard deduction will go up $200 to $12,400. For heads of households, the standard deduction will be $18,650 for tax year ...
Read MoreLike-kind Exchanges and Personal Property
With the enactment of the legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, like-kind exchanges are now limited to real property held for use in a trade or business or for investment. Prior to the TCJA, taxpayers could defer the gain generated by like-kind exchanges of both real property and personal property. Most common like-kind exchanges of personal property included those of aircraft, boats, automobiles, trucks, and ...
Read MoreHow to Spend Less Time in Meetings
If back-to-back meetings don't define your workday, consider yourself lucky. This year alone, professionals worldwide are expected to spend 24 billion hours in unproductive meetings, costing more than $540 billion worth of resources, according to the Doodle State of Meetings Report 2019, which examined 19 million meetings arranged through the scheduling platform. "My favorite line from a past client was: 'I am headed to a meeting to discuss ...
Read MoreHow to Nurture Tomorrow's Leaders
Learn three ways you can personally help train future leaders. Who taught you how to drive your first car? Maybe it was your parents, a family friend or a driver's education teacher. Whoever it was, they most likely had a lot of experience driving in order to show you the ropes. Everyone has great stories about learning to drive, as it's an important milestone; a rite of passage to adulthood. Hopefully, your teacher showed you the basics and ...
Read MoreOperating vs. Finance Leases: The Impact of the New Standard
The clock is ticking on the countdown to the implementation of the new lease accounting standard for private companies. According to reports from the Securities and Exchange Commission and the U.S. Chamber of Commerce, U.S. companies currently have an estimated $2.8 trillion in operating lease obligations that are presently off-balance sheet. Under the new accounting standard, nearly all leases will be required to be recorded on a ...
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