June 12, 2018 by Staff
System and Organization Controls (SOC) reporting has been around for many years, but there remains some confusion about when and how to use it. Financial auditors use SOC reports to evaluate the adequacy of internal controls around financial systems. Businesses who use the services of other businesses will review SOC...
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The Tax Cuts and Jobs Act made changes to the limits on passenger automobiles placed in service after 2017. These caps are often referred to as the “luxury auto limits” even though they generally affect vehicles that cost $18,000 and above and have a gross vehicle weight of less than...
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The Tax Cuts and Jobs Act make substantial changes to the rules for bonus depreciation, Code Section 179 expensing deductions and regular depreciation deductions for property used in a business. Bonus Depreciation Property placed in service and acquired after September 27, 2017 100% bonus is allowed. Additionally, the post Sept....
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The Tax Cuts and Jobs Act adds a new deduction for noncorporate taxpayers for qualified business income (QBI). The deduction is also referred to as the “pass-through deduction.” It should provide a substantial benefit to individuals with QBI. The deduction reduces taxable income, rather than adjusted gross income, but is...
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The Tax Cuts and Jobs Act has changed the rules for home interest. Under the old law, taxpayers could deduct interest on home acquisition debt with principal balances up to $1 million. Acquisition debt is indebtedness used to acquire, construct, or substantially improve a qualified residence. Interest paid on the...
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