Blog

Welcome to our Blog Page

The McDonnell Richardson CPA, P.C. Blog Page provides frequently updated useful news and information to help keep you informed on tax strategy, business, and estate planning.  Please do not hesitate to contact us for any questions and additional information you may have regarding these topics.

4 days ago

KJ Law & CPA

Clarification of itemized deductions for trusts and estates
In good news for taxpayers, the Internal Revenue Service has announced it will issue regulations to clarify that the costs of trust or estate administration are not miscellaneous itemized deductions and, therefore, are still fully deductible.
The Tax Adviser (12/2018)
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4 days ago

KJ Law & CPA

3 lessons "It's a Wonderful Life" can teach you about revenue recognition
The classic movie "It's a Wonderful Life" can teach us a thing or two about the Financial Accounting Standards Board's new revenue recognition standard. You can serve as clients' guardian angel, guiding them as they work to implement the standard, but there might be limits to your involvement.
AICPA Insights (12/10)
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4 days ago

KJ Law & CPA

FASB tweaks leases standard with new update
The Financial Accounting Standards Board has addressed accounting issues related to implementation of the new leases standard. The Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.
Journal of Accountancy online (12/10)
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1 week ago

KJ Law & CPA

The year is coming to a close and income tax returns are around the corner. There is a lot of changes to the 2018 individual tax returns.

The good news with the 2018 Tax Bill is the Standard Deduction has doubled and the tax rates on all tax brackets have been lowered.

The bad news is they have taken some of the other deductions away.

1. Beginning for 2018, Job Expenses and Certain Miscellaneous Deductions have changed. The following Items are not deductible for your 2018 income taxes:
• Unreimbursed Employee Expenses,
• Tax Preparation Fees,
• Investment Expense
• Safe Deposit
• Professional Expenses

2. Casualty and Theft Losses are not deductible from your taxes starting in 2018.
3. The Personal Exemptions have been taken away
4. Reduction to the Mortgage Interest Deduction
Please be look for our additional emails of the tax changes over the next few weeks. Feel free to contact us if you have any questions.
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2 weeks ago

KJ Law & CPA

Proposed foreign tax credit regulations issued
The Internal Revenue Service has issued proposed regulations on determination of the foreign tax credit after changes in the law made by the Tax Cuts and Jobs Act.
Journal of Accountancy online (11/29)
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2 weeks ago

KJ Law & CPA

Blockchain will lead to evolution in accounting, auditing
The growing prevalence of blockchain technology will not cause the professions of accounting and auditing to vanish but will instead evolve the professions as real-time data audits free up employees for other tasks.
SmartBrief/Finance (11/28)
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2 weeks ago

KJ Law & CPA

Why difficult goals are appealing to employees
Research suggests setting difficult goals leads to greater job satisfaction, compared with setting and meeting easy goals.
Harvard Business Review online (tiered subscription model) (11/27)
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2 weeks ago

KJ Law & CPA

Planning for required minimum distributions in retirement
Retirees should develop an income strategy that incorporates required minimum distributions and other factors. One viable strategy involves delaying Social Security and investing savings in target-date funds or other vehicles.
CBS News (11/27)
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2 weeks ago

KJ Law & CPA

Which benefits do employees find most financially beneficial?
Eighty percent of Americans would choose a job with benefits over one with no benefits that pays 30% more, according to a Harris Poll survey conducted on behalf of the AICPA. Respondents name health insurance and a 401(k) match as benefits most likely to help them meet financial goals.
Journal of Accountancy online (11/28)
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2 weeks ago

KJ Law & CPA

Proposed regs outline new business interest expense limitation
The Internal Revenue Service has issued proposed regulations on the business interest expense limitation in Sec. 163(j), which was amended by the Tax Cuts and Jobs Act. The proposed regulations provide general rules and definitions, as well as rules for calculating the limitation in consolidated group, partnership and international contexts.
Journal of Accountancy online (11/27)
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