Proposed Accounting Standards Update - Leases (Topic 842) — Targeted Improvements

Jan 17, 2018

On 5 January 2018, the Financial Accounting Standards Board (“FASB”) issued a proposed Accounting Standards Update (ASU) intended to reduce costs and assist in simplifying the effects to entities as it relates to the implementation of the new lea ...

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IRS Announces the Start of Tax Season 2018

Jan 15, 2018

The IRS has announced that the income tax filing season, so called “tax season,” will start a little later than usual this year. According to an IRS press release, “the nation’s tax season will begin Monday, Jan. 29th, 2018.” This is a bit ...

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Is Now the Best Time to Consider Relocating to a Low or No Income Tax State?

Jan 10, 2018

As you well know, on December 22, 2017, Congress passed the most sweeping tax reforms in decades. The new law, known as the Tax Cuts and Jobs Act (TCJA), will have many implications for those in all tax brackets, and in particular, High Net Worth Ind ...

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Don’t Forget to Take Advantage of Reduced Florida Sales Tax on Commercial Rents

Jan 4, 2018

Did you know that Florida collects sales tax on commercial rent? The state tax is applicable to commercial rentals and residential rentals if rented for 6 months or less. This unusual tax on the owners of commercial real estate has been in effect in ...

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Tax Cuts and Jobs Act – What You Need to Know About Miscellaneous Itemized Deductions

Dec 27, 2017

As you know, on December 22, 2017, President Trump signed into law sweeping tax legislation. A provision in the new law directly impacts the deductibility of our tax preparation fees and other costs that traditionally were deductible by individuals a ...

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Is It Time For Crypto-Currencies To Be Regulated?

Dec 21, 2017

Concerns over cryptocurrencies (e.g. bitcoin and ethereum) range from tax evasion, money laundering, terrorism financing, to investor fraud. Headlines and cable news network’s seem to be more and more dominated by discussion of cryptocurrencies giv ...

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Tax Bill Soon to be Signed Into Law, but Some Concerns for Banks Remain

Dec 21, 2017

The tax legislation that has been approved by both the House and Senate, will soon be on President Trump’s desk to sign. Known as the Tax Cuts and Jobs Act, the bill is set to make sweeping changes to the tax code for both businesses and househ ...

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MBAF Provides Detailed Analysis of the Tax Reform Bill

Dec 20, 2017

Having been passed by the House and Senate, the $1.5 trillion Tax Cuts and Jobs Act will soon be signed by President Trump. The wide-ranging tax bill satisfies the pledge made by Republicans during the last election. The 509-page Conference report is ...

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Tip of The Iceberg - Uncovering Hidden Liabilities

Dec 18, 2017

A borrower’s financial statements may look good, but they might not provide a full picture of the business’s financial health — in fact, they could be just the tip of the iceberg designed to lure you into a risky loan. It’s import ...

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Deadline Impending for Those Required to Renew an ITIN

Dec 18, 2017

Individuals with a United States income tax filing obligation are required to apply for an Individual Taxpayer Identification Number (ITIN). ITINs are obtained and used in circumstances where a person who is filing income taxes, or is included on a t ...

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