News Articles

06

November

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U.S. House Bill Released

The U.S. House bill has been released. The proposed Tax Cuts and Jobs Act would retain a 39.6% tax bracket for married couples with income of more than $1 million annually. The corporate tax rate would be cut from 35% to 20% and there would be a 25% “pass-through” business rate. The estate tax would … Continued

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06

November

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Preparing for FASB’s New Credit Loss Model

Much like winter, preparing for the current expected credit loss (CECL) is looming. As sure as winter will be here any day now, CECL will become effective in 2020 or 2021 (depending on the institutions characteristics). This may seem far off for some of you, but a plan needs to be put in place now … Continued

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30

October

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4 questions to guide your prospective financial statements

CPAs don’t just offer assurance services on historical financial results. They can also prepare prospective financial statements that predict how the company will perform in the future. This list of questions can help you make more meaningful assumptions for your forecasts and projections. 1. How far into the future do you want to plan? Forecasting … Continued

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26

October

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Retirement savings opportunity for the self-employed

Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do. So … Continued

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23

October

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Which tax-advantaged health account should be part of your benefits package?

On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their health care expenses. Also available are Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). Which one should you … Continued

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