For non-public companies, Accounting Standard Update (ASU) 2016-02, Leases (codified as ASC 842) becomes effective for year-ends beginning on or after December 15, 2021. ASC 842 will cause significant changes in accounting for leases for both lessees and lessors as outlined below: 

IRS will issue new withholding tables (Publication 15) to reflect changes as of January 1, 2021. When available, the new withholding tables can be obtained at the Internal Revenue website, www.irs.gov.

In addition to saving income taxes for the current and future years, effective tax planning can reduce eventual estate taxes, maximize the number of funds you will have available for retirement, reduce the cost of financing your children’s education, and assist you in managing your cash flow to help you meet your financial objectives.

Brinker Simpson was recently named as one of the 2020 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees.

With the Presidential election 9 weeks away, we prepared the following guideline to illustrate where each of the candidates stand on certain tax laws. Biden’s proposed changes would repeal different aspects of Trump’s 2017 Tax Cuts and Jobs Act (TCJA). Please note, these are proposed changes and Congress often makes the final decision.

Sadly, it did not take long for scammers to take advantage of the programs being offered to help individuals and businesses through this current situation. Don't let your guard down! Remember, the IRS and banks will not contact you for bank account information or to verify social security numbers or information on your tax return. Also, you should not pay anyone a fee to process your stimulus check. The Federal Communications Commission (FCC) is receiving reports of potential scams, warning on their website.

President Trump signed the Families First Coronavirus Response Act (FFCRA H.R. 6201) shortly after it passed through the Senate on March 18, 2020. The legislation applies to companies with 500 employees or fewer employees. The employer cost of these expanded programs will be absorbed by available tax credits included in the bill.

Yesterday, Treasury Secretary Mnuchin announced plans for the federal government to allow a deferral of tax payments for individuals up to $1 million and Corporations up to $10 million originally due April 15th to be paid by July 15, 2020, without incurring a penalty and interest charges. The filing deadlines of those returns have not been automatically extended, so individual and C Corporation returns without a filing extension, are still due on April 15th.

Business clients often ask us:  Should we outsource our accounting needs?  What exactly are the benefits we can expect?

In small businesses, we often see owners or employees who struggle to effectively balance several competing job responsibilities.  Examples include an office manager who is forced to manage human resources and administrative functions while trying to do bookkeeping as well.  Other situations include business owners who try to manage their company’s growth but don’t want to relinquish control over the finances.