Back in November 2015, the FASB released a proposed accounting standard update (ASU) designed to increase transparency about government assistance to businesses for comment. This proposed ASU,Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance, was developed in response to increasing levels of monetary assistance from both the federal government and state and local governments as well. In the proposed ASU, nonprofits have been initially scoped out.
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Builders have available to them a little known deduction called the Domestic Manufacturing Deduction or called by its code section “The 199 Deduction”. The deduction is available to builders who have profits and payroll.
The 199 deduction is allowed to all taxpayers—individuals (shown on Form 1040 line 35), and C corporations (shown on Form 1120 line 25). The 199 deduction for partnerships and S corporations (reported on Form K-1 in box 13) flows through to the owner’s individual tax return.
Did you hire workers who qualified for the Work Opportunity Tax Credit in 2015?
Spring is here, and it's time for nonprofit organizations to “clean house” by examining their management and overall performance. To learn more on the latest developments and trends in the nonprofit industry, take a look at the latest issue of BDO's Nonprofit Standard. It includes:
If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to claim your deduction. Here are six tips that you should know about the home office deduction:
April is a busy month for taxes. Here are filing requirements to keep in mind.
Did you make contributions to a traditional or Roth IRA, a myRA, or a SEP or SIMPLE plan in 2015?
According to a recent survey conducted on behalf of a consumer finance information service, nearly 80% of 18-34 year-olds have concerns about filing income tax returns.
The Work Opportunity Tax Credit, known as WOTC, can reduce your federal income tax liability dollar-for-dollar when you hire certain workers.