NSAC Happenings and Latest News - Page 91
When the New Corporate Tax Rate Kicks in: A Primer
The lower corporate tax rate under the new tax law spurred some confusion for corporations whose taxable years don’t begin on January 1. Tax professionals have been practically unanimous in their expectations for guidance from the Treasury Department on how to interpret and follow the new tax law. But on this issue — application of the new corporate rate to companies with a non-calendar taxable year — they ...
Read More7 proposed changes to the auditor's report
An auditor’s report gives lenders confidence that financial statements are free of material misstatement. But does the auditor’s report really tell the story of what the auditor did to gain assurance about the financial statements? Thanks to proposed changes to the auditor’s report, readers will gain a better understanding of what the auditor did and observed. The AICPA Auditing Standards Board (ASB) has released a set ...
Read MoreNew tax withholding tables are issued
The IRS issued new income tax withholding tables that reflect new tax rates and other changes for individuals implemented by P.L. 115-97, known as the Tax Cuts and Jobs Act, enacted Dec. 22 (Notice 1036). Employers should use the updated withholding rules for 2018, putting them into effect as soon as possible but no later than Feb. 15, the IRS said. Until then, employers should continue to use the 2017 withholding tables. The IRS noted ...
Read MoreTaking Clients to Ballgames? Tax Law Change Makes It Costlier
Businesses—especially smaller firms—may scale back on treating clients to major league baseball games, golf outings and the like after Congress and President Donald Trump ended a tax break for such entertainment. The tax overhaul that Trump signed Dec. 22 eliminated a 50 percent deduction for business-related expenses for “entertainment, amusement or recreation.” Suddenly, luxury boxes at stadiums and ...
Read MoreHow The Tax Bill Affects Coops
By the time you read this post, it is likely that President Trump has already signed the new Tax Act. Today’s post has been prepared by Rebecca Smith. She is our director of tax for cooperatives. This post if fairly long, but we want to get the information to our cooperative clients. We would strongly suggest talking the tax bill over with your tax advisor now since there may be some actions needed before ...
Read More