The White House recently announced a series of
executive actions for subsidies totaling roughly
$550 million from NASA and the U.S. Departments
of A griculture, Energy and Defense for investments
in advanced manufacturing. These actions provide
financial incentives for your company to increase
spending on technology and training, if it’s not
already part of your 2015 budget.
Inventory is one of the biggest assets on a
manufacturer’s balance sheet. It’s also one of the
hardest assets to measure and track. Thousands
of transactions flow through the inventory account
each year — and many of these journal entries
require subjective estimates, such as overhead
allocations, write-offs and valuation adjustments.
In addition, many employees have direct daily
access to inventory or inventory...
In the past, many businesses were uncertain how to account for costs to acquire, produce or improve property, plant and equipment. So, in 2013 the IRS issued regulations on capitalizing versus deducting the costs of tangible personal property. In 2014, the IRS added rules covering dispositions of tangible property.
The term “constructive dividends” refers to dividends that the IRS may attribute to shareholders of companies who receive the benefit of services or goods without being taxed on them. A recent case on this issue decided by the U.S. Tax Court involved the owner of a construction firm.
With the holidays coming up, it's a good time to review the tax rules involved in giving gifts to employees. The taxability of employee gifts generally depends on the value and the type of award. Here are some questions and answers that illustrate the complexity of the issue:
Having a good working relationship and receiving great client service – these are consistently the two most important criteria we hear from organizations when they’re selecting an auditor, and we do our best to fill those criteria when conducting an engagement. An important aspect to keep in mind is balance - how the auditor, as an “independent third party,” develops a good working...
You may recall that in 2013 the IRS issued extensive tangible property capitalization regulations (also referred to as the “repair regulations”). These regulations impact most business taxpayers, including owners of real estate. Taxpayers are required to change their accounting methods used for federal income tax purposes to comply with the new regulations for tax years beginning on or after...