Uncategorized Archives | Rue & Associates

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19
Nov

Pivotal Time for Private Companies on Revenue Recognition

It’s clear that FASB’s new revenue recognition standard might not be first choice for private company’s finance. The standard takes effect for private companies for annual reporting periods beginning after Dec. 15, 2018, and interim periods within fiscal years beginning …

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17
Nov

FASB Staff Paper Assists with Franchise Fee

A new FASB staff paper offers information to private company franchisors as they decide how to identify certain franchise fees under the new revenue recognition standard. The FASB staff paper gives educational illustrations demonstrating how a franchisor may make these …

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09
Nov

Social Security Administration Sets the Wage Base for 2019

The Social Security Administration declared that the maximum amount of wages on individuals to old age, survivors, and disability insurance tax will increase to $132,900 in 2019. The OASDI tax rate is 6.2 percent, so an employee with wages up to …

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08
Nov

Due Diligence for Tax Preparers are Finalized

Recently the IRS finalized proposed regulations imposing a penalty on tax return preparers who do not follow certain due-diligence requirements when preparing to file returns for taxpayers who are claiming to be head-of-household filing status, the earned income tax credit, …

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05
Nov

Qualified Retirement Plans – Inflation Adjustments

The limit on elective deferral contributions to 401(k) plans, 403(b) plans, most 457 plans will rise from $18,500 in 2018 to $19,000 in 2019, per the IRS. Nevertheless, the contribution limit for those 50 and older remains $6,000. Many other …

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02
Nov

FASB Increases Private Company Consolidation Relief

FBSB announced that private companies with the issuance of a standard proposal to improve consolidation accounting for private companies. They also rewritten for all entities the guidance for determining whether a policymaking fee is a variable interest. This would give …

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31
Oct

The Four Top Tax Strategies to Save You Money

Here are four tax strategies that can help you save money: Use your startup costs as a deduction: The IRS provides a tax break by allowing you to deduct up to $5,000 of your initial startup costs. This allows you …

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29
Oct

Getting the Most from Your Accountant

Small business accountants don’t just take care of tax prep and compliance issues, they also help drive access and business. Accountants can help deliver insights to your business by analyzing company data and providing strategic advice in business decisions. Now …

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26
Oct

Important tips that can save your business

Here are some simple tips that are can help you in the long run: Avoid unmanaged cash flow: Keeping a watchful eye on your records. Bookkeepers and accountants personally understand your resources and can track every transaction down to the …

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23
Oct

Time Running Out for New 100 Percent Depreciation Deduction

The Internal Revenue Service is reminding business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the IRS. …

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