Aug 15,2018 at 02:38 am
The Tax Cuts and Jobs act has newer rules for deducting business meals and entertainment expenses. According to prior 2017 tax law, most meals and entertainment expenses were 50% deductible for tax purposes.
We have received many questions about how meals and entertainm...
Jun 16,2018 at 11:12 pm
The latest tax reform suspends the moving expense deduction
The new tax law suspends the moving expenses deduction for tax years beginning after December 31, 2017 and goes through January 1, 2026. During this timeframe, there is no deduction allowed for use of an automobi...
Mar 11,2018 at 05:03 pm
What is revenue recognition?
Revenue is one of the most important measures of financial performance in a business. Currently, US GAAP has complex, detailed revenue recognition requirements for specific industries and accounting transactions. As a result, various industr...
Mar 04,2018 at 05:12 pm
What is US GAAP - Generally accepted accounting principles?
US GAAP- Generall accepted accounting principles are set of accounting standards/principles adopted by the professional accounting industry.
These accounting standards, rules are establi...