The TG Blog

Resources and articles to empower you and keep you up to date.

GST Tax

GST Tax Exemption Has Increased, But Not Permanently

November 20, 2018

One change affecting estate plans under the Tax Cuts and Jobs Act is that, for the estates of persons dying after December 31, 2017, and before January 1, 2026, the generation-skipping transfer (GST) tax exemption amounts increase to an inflation-adjusted $10 million, or $20 million for married couples with proper planning ($11.18 million and $22.36 million, respectively, for 2018).

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revenue

Why Revenue Matters in an Audit

November 19, 2018

For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s a look at some examples of critical issues that auditors may target to prevent and detect improper revenue recognition tactics.…

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mutual funds

Mutual Funds: Handle with Care at Year-End

November 13, 2018

As we approach the end of 2018, it’s a good idea to review the mutual funds holding in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.…

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virtual currency bitcoin tax

Got Bitcoin? Understand Your Tax Obligations

November 13, 2018

The tax treatment of bitcoin and other “virtual currencies” — also known as “cryptocurrencies” — is widely misunderstood. But if you invest in virtual currency, use it to pay for goods or services, or receive it as payment for goods or services, failure to understand your tax obligations can have serious consequences. On the IRS’s…

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2019 Tax Filing Due Dates

2019 Tax Filing Due Dates

November 12, 2018

The Tax Cuts and Jobs Act, passed late December 2017 brought many changes to the tax code, however it did not change the statutory due dates for filing taxes. Whenever a regular tax filing date falls on a Saturday, Sunday, or a legal observed holiday in the District of Columbia, the due date for returns…

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percentage of completion method

A Fresh Look at Percentage of Completion Accounting

November 9, 2018

How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded by the Tax Cuts and Jobs Act (TCJA). This could, in turn, have spillover effects on some companies’ financial statements.…

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South Dakota v. Wayfair, online shopping internet orders

Supreme Court’s Wayfair Decision: What it Means for Internet and Mail-Order Sales

November 8, 2018

In its much-anticipated decision in South Dakota v. Wayfair, the U.S. Supreme Court ruled, by a 5 to 4 margin, that a state may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in the state. In reaching this result, the court overturned its landmark 1992 decision in Quill Corp. v. North Dakota. This article explains how the ruling affects businesses and their tax obligations.

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business assets 2018

Buy Business Assets Before Year-End to Reduce Your 2018 Tax Liability

November 8, 2018

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying business assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax…

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LIFO Warehouse Inventory

LIFO Lessons Learned

November 5, 2018

You have choices when it comes to reporting inventory costs. One popular technique — the last-in, first-out (LIFO) method — assumes that merchandise is sold in the reverse order it was acquired or produced. That is, it allocates the most recent costs to the cost of sales. Although this method is often preferred for tax…

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Donate appreciated stock for twice the tax benefits

Donate Appreciated Stock for Twice the Tax Benefits

October 31, 2018

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated publicly traded…

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