Insights
President Signs IRS Reform Bill
On July 1, President Trump signed into law the bipartisan IRS reform bill, the Taxpayer First Act, with plans to make overall improvements to the IRS. With changes in management and oversight, the Act implements a host of new developments in customer service, the process of appeals, technology infrastructure and cybersecurity, among others. Customer Service…
Read MoreNot-for-Profits Now Benefit from GAAP Alternatives
The Financial Accounting Standards Board (FASB) recently announced that it will now extend two of its private company accounting alternatives to include not-for-profit organizations through Accounting Standard Update (ASU) 2019-06. The Private Company Council (PCC), together with the FASB, did not include not-for-profit entities within the scope of the ASU issued in 2014 to simplify…
Read MoreRetirement Withdrawal Strategies
Are you retired or thinking about it? That probably means you are preparing to transition from a regular paycheck to drawing income from your investments. Don’t forget—taxes will follow you wherever you go. Creative tax strategies are just as important during retirement as they are when saving for it. Many retirees spend most of their…
Read MoreCloud-Based Versus On-Premise Software
Last month we announced our newest partnership with Acumatica to offer cloud-based ERP software services. But then we got to thinking—how do clients know which software solution is best for their business? So, we laid it all out, weighing the pros and cons of both cloud-based and on-premise software for you to decide. Before we…
Read MoreLingering Uncertainties Post Tax Season
Now that April 15 has come and gone, have all of our tax reform questions been answered? Many taxpayers (and accountants) are still sifting through the changes and awaiting additional guidance surrounding some areas of uncertainty. In some situations, taxpayers have extended returns or will need to file amended returns in the future once the…
Read MoreIRS Audits Decline for Millionaires and Large Businesses
IRS audits of wealthy taxpayers and big business are on the downtick, reaching record lows in nearly a decade. According to a recent report published by Syracuse University’s Transactional Records Access Clearinghouse (TRAC), taxpayers filing $1 million of income or more on their tax return are less likely to be audited than in years past.…
Read MoreDOL Revisits Overtime Rule in Proposal
On March 7, the Department of Labor (DOL) released a proposed rule that would raise the so-called salary-level threshold for white-collar exemptions to $35,308 per year from $23,660. This means that the vast majority of employees earning under the threshold would need to be paid overtime. About 1 million workers may find themselves affected by…
Read MoreIRS Released Safe Harbor Guidance for Vehicle Deductions
The IRS recently released a safe harbor method that harmonizes 100% bonus depreciation with the annual depreciation limits for passenger automobiles (other than leased vehicles). Passenger automobiles are defined as four-wheeled vehicles driven on public roads, having a gross vehicle weight of $6,000 lbs or less. If a vehicle is acquired and placed in service…
Read MoreTax-Savvy Retirement Planning
With over 70 million baby boomers in the United States, how many are celebrating their 65th birthday every day? Retirement is right around the corner for many. Are you prepared with a tax-savvy retirement plan? While many boomers are rewriting the rules of retirement and working well into their seventies, there will come a time…
Read MoreWhat is Acumatica?
Nearly everyone has their head in the cloud these days—and for a good reason. Cloud-based ERP software has become an effective mainstream business tool. As a way to offer our clients this restless wave of computing, BPW has now partnered with Acumatica to offer implementation and support services for cloud-based ERP software. An Overview Built…
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