NSAC Happenings and Latest News - Page 95
Taking 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 MoreKeeping Up with Rapid Changes in Technology
Rapid change in technology has become the biggest source of pressure on company finance and accounting teams. That’s the leading opinion of more than 2,200 U.S. CFOs interviewed for a new Robert Half Management Resources survey. The CFOs, who represent companies of all sizes in more than 20 of the largest US metropolitan markets, were asked in a telephone interview: “In general, what would you say is the single greatest ...
Read MoreIRS Issues 2018 Standard Mileage Rates
The optional standard mileage rates for business use of a vehicle will increase slightly in 2018, after decreasing in the two previous years, the IRS announced (Notice 2018-3). For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents per mile in 2017. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an ...
Read MoreU.S. Accounting Rulemaker Chief Outlines 2018 Goals
The 2018 objectives for FASB include assisting companies with accounting implementation challenges on four important standards—revenue recognition, leases, credit losses, and hedging—Financial Accounting Standards Board Chairman Russell Golden told Bloomberg Tax. Additionally, FASB will initiate or advance new projects relating to accounting for life insurance, distinguishing liabilities from equity, and improving segment reporting, ...
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