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Understanding the New Sec. 199A Business Income Deduction
Understanding the New Sec. 199A Business Income Deduction Sec. 199A allows taxpayers other than corporations a deduction of 20% of qualified business income earned in a qualified trade or business, subject to certain limitations. The deduction is limited to the greater of (1) 50% of the W-2 wages with respect to the trade or business, or (2) the sum of 25% of the W-2 wages, plus 2.5% of the unadjusted basis immediately after ...
Read MoreA New World: The View from Noel Tagoe
Given the technology landscape, the focus of finance professionals needs to shift from data collection and processing to the use of data. Digital technology has ushered us into a new business era. Huge volumes of data are being generated at record speed. Business is well placed to exploit this brave new world because it is supported by the right infrastructure for storing data cheaply, and for accessing, processing, and analyzing data at ...
Read MoreBest Practices: Top 10 Warning Signs of Workers Comp Fraud
Nearly 3,600 accounting, bookkeeping, tax preparation and payroll services firm employees reported a non-fatal occupational injury or illness in 2016, according to the U.S. Bureau of Labor Statistics. While most workplace injuries and illnesses are legitimate, occasionally employees try to manipulate the system by filing a false or exaggerated workers’ compensation insurance claim. Workers’ compensation insurance fraud is ...
Read MoreWhen Is an Entertainment an Expense?
The tax rules related to meals and entertainment have changed, and left some uncertainty in the gap between the old law and the new. Before the Tax Cuts and Jobs Act, the deduction allowed for entertainment expenses was limited to 50 percent of the amount otherwise deductible. Under the TCJA, the deduction for entertainment is completely repealed. Prior to the act, a 50 percent deduction was allowed for expenses related to business meals ...
Read MoreMore Whistleblowing, But Also More Retaliation
The rate at which workers are reporting misconduct is on the rise, but so are the instances of companies retaliating against those who report. For CFOs that are trying to instill a culture of ethics at their companies, the Ethics and Compliance Initiative (ECI) has good and bad news. Unfortunately, there’s more bad news than good. The good: fewer U.S. employees say that in the last 12 months they observed misconduct ...
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