Blog

4 days ago

KJ Law & CPA

Don't look away! Blockchain isn't so bad
Blockchain is one of those words you see repeatedly and think, "I should probably know something about that, but it sounds so ... techie." Good news: We did the work for you by interviewing a blockchain expert.
AICPA Insights (1/10)
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4 days ago

KJ Law & CPA

What's happening with Social Security, Medicare during shutdown
As the partial government shutdown drags on, certain essential services are still offered. Medicare payments have not been affected, and Social Security checks should continue to go out.
Business Insider (1/10)
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4 days ago

KJ Law & CPA

IRS to issue proposed regs on the deductibility of expenses for certain business meals
The law known as the Tax Cuts and Jobs Act changed rules for deducting business meals, specifically prohibiting a deduction for entertainment expenses. The amendments created much uncertainty in the business community until the Internal Revenue Service issued guidance on the rules.
The Tax Adviser (1/2019)
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4 weeks ago

KJ Law & CPA

As always, to further assist you, we are sending out daily emails regarding last minute year-end tax tips. If you are interested in receiving this correspondence, then please email me your email address. We look forward to assisting you. ...

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1 month 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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1 month 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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1 month 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 month 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 months 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 months 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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