Archive for the ‘LSWG FYI’ Category
Reporting Revenue and Expenses for Your Special Event
By Cindy McGiffin, CPA, LSWG Audit Supervisor, and Billy Harper, LSWG Staff Accountant II Tuesday, January 12, 2021 – A special event is a function or event which aims to… [more]
Allocating Functional Expenses for Your Nonprofit
By Julissa Canas, LSWG Staff Accountant Thursday, January 7, 2021 – Are you properly allocating your nonprofit’s functional expenses? Before FASB’s Accounting Standards Update 2016-14*, voluntary health and welfare organizations were the… [more]
Keep More Money in Your 401(k) and Reduce Taxes!
Guest contributor, Doug O’Rear (OnTrack 401(k), shares this tip for saving more for retirement. Tuesday, January 5, 2021 – Most business owners and executives do not take advantage of this… [more]
Employers and Business Owners – Start Now to Prepare for January 31 Filing Deadline
If you are responsible for payroll and/or 1099s, we urge you to start planning now to make certain you meet the January 31 filing deadline for wage statements and independent… [more]
Can I Deduct That Business Meal?
The 2017 Tax Cuts and Jobs Act expressly repealed the deductions for entertainment, amusement, or recreation. However, the Act did not specifically address the deductibility of expenses for business meals. On October… [more]
NEW Maryland Tax Credit on Student Loans
A tax credit has been made available for 2018 Maryland tax returns for individuals with student loan balances in excess of $20,000. The catch: The application is due by September… [more]
Check Your Withholding NOW
Congressional auditors are reporting that approximately 30 million taxpayers—21 percent of U.S. taxpayers—are likely to face a larger tax bill when they file in 2019 because too little was withheld… [more]
Sales Tax on Ecommerce – The Rules are Changing
In today’s digital economy, it is common for companies to sell products and services to customers all over the country without even setting foot in any of the states in… [more]
Can you deduct home office expenses?
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers… [more]
Your 2017 tax return may be your last chance to take the “manufacturers’ deduction”
While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break… [more]