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Our Blog

Good records are the key to tax deductions and trouble-free IRS audits

02 July 2020
Good records are the key to tax deductions and trouble-free IRS audits

It’s interesting to note that there’s not one way to keep business records.


Revenue recognition and leases: FASB gives certain entities more time

01 July 2020
Revenue recognition and leases: FASB gives certain entities more time

Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they need it.⠀ ⠀


If you’re selling your home, don’t forget about taxes

25 June 2020
If you’re selling your home, don’t forget about taxes

For many people, their homes are their most valuable asset. So before selling yours, make sure you understand the tax implications.


A nonworking spouse can still have an IRA

24 June 2020
A nonworking spouse can still have an IRA

In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal” IRA. It allows a contribution to be made for a nonworking spouse.


There’s still time to make a deductible IRA contribution for 2019

23 June 2020
There’s still time to make a deductible IRA contribution for 2019

You can still make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return.