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What to Know About Lease Accounting

Mon, Apr 15th 2019
The Financial Standards Accounting Board has issued an Accounting Standards Update (ASU) aimed at improving financial reporting about leasing transactions. The ASU affects all companies and organizations that lease such assets as real estate, airplanes and manufacturing equipment. Lessees are required to recognize on balance sheets the assets and liabilities for the rights and obligations created by those leases. The update responds to requests from financial statement users for a more faithful... Read More »

Getting Creative with Mortgages

Mon, Apr 8th 2019
Many people might be afraid of considering alternative mortgage options in the aftermath of a turbulent housing market. After everything came to a head in 2007, people began to reconsider the best ways to purchase a house without using a traditional mortgage. There are a variety of safe and effective methods beyond a traditional mortgage that can help homebuyers achieve their dreams. Here are some creative mortgage considerations. Owner financing. The owner of the property can elect to finance... Read More »

Tax Law Makes Now the Perfect Time for the Roth Conversion Retirement Trick

Mon, Apr 1st 2019
Converting a traditional IRA to a Roth IRA takes some fortitude and faith in the future numbers because this change can accelerate your tax bill. The current market and tax rate cuts, however, are creating an environment ripe for conversions and making the move much more palatable. Together, these two factors are essentially creating new groups of taxpayers for whom a conversion makes good sense. IRA Basics Revisited Contributing to a traditional IRA gets you a tax deduction now, at the time of... Read More »

Understanding Gift Tax

Mon, Mar 25th 2019
 For tax purposes, gift givers, rather than gift recipients, have to account for and potentially pay the gift tax. But, you won't owe the gift tax until you have given away millions in cash or other assets during your lifetime. It sounds simple enough, but you still may have to file gift tax returns even though you don't owe any tax. The annual federal gift tax exclusion changes almost every year to adjust for inflation and it allows you to give a certain amount to as many people as you wish... Read More »

When Employees Cross State Lines

Mon, Mar 18th 2019
Do you have employees who live in one state and work in another? You may run into this if: Your company is located near a state border. You have employees who travel to job sites in other states. You have employees who work remotely. You are expanding into new states. Having some basic understanding of what happens will help you make the right decisions about classifying wages and avoiding penalties or amended filings later. Both state unemployment and withholding taxes should generally be paid... Read More »