Smith Leonard is proud to announce expanded team capabilities to serve our clients with their sales and use tax needs. Our Sales and Use Tax Group is able to assist clients with sales tax issues, ERP platform integration and nexus surveys.
Explore key trends impacting the nonprofit industry in the Spring 2019 issue of the Nonprofit Standard, including new guidance on taxable income from parking and additional information on the 21% executive compensation tax.
Mixed results for December as orders are up 7% overall, but only 45% of participants reported they experienced an increase. Overall for the year, orders are up 6%, showing an continued positive trend of growth for the furniture industry.
How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded by the Tax Cuts and Jobs Act (TCJA). This could, in turn, have spillover effects on some companies’ financial statements. […]
Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here’s guidance on how to estimate overhead rates to allocate these indirect costs to your products and how to adjust for variances that may occur. What’s included in overhead? Overhead costs are a part of every business. These accounts frequently serve […]
With the federal gift and estate tax exemption at $11.40 million for 2019, people whose estates are below the exemption amount are shifting their focus to income tax reduction. High-income taxpayers, particularly those who live in high-income-tax states, may want to consider incomplete nongrantor trusts, which make it possible to eliminate state taxes on trust income.
Did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need to provide for children outside the business.