Sales Tax – South Dakota v. Wayfair
HOW WILL IT IMPACT YOU? HOW WILL IT IMPACT YOU? On June 21, 2018; the United States Supreme Court issued its decision with respect to the South Dakota v. Wayfair case. In the decision the Court held that the South
Tax Cuts & Jobs Act – Meals & Entertainment
HOW WILL IT IMPACT YOU? On December 22, 2017 the President signed the amended HR 1, the Tax Cuts and Jobs Act (“TCJA”) into law, which makes sweeping changes to the current tax system, and represents the most significant tax
Tax Controls – Taking a Fresh Look
Overview With the recent passage of the Tax Cuts and Jobs Act of 2017, now is as good of a time as any for companies to take a fresh look at their tax processes and controls. Over the years, we
The Evolution of the IT Audit in an Age of Technology
In our highly competitive and increasingly connected world, we see broader adoption and growing use of complex information technology (IT) applications at companies in all industries. And why not? Automation within financial and operational applications continues to make businesses more
New Lease Accounting Standard (ASC 842) – Adoption Readiness Planning
The new lease guidance (ASC 842) changes how companies account for their lessee transactions in a significant way. CFGI has been supporting clients as they prepare for the new standard in a number of ways including adoption project planning, technical
Potential Tax Accounting Implications of the Proposed Tax Cuts & Jobs Act
HOW WILL IT IMPACT YOUR ORGANIZATION? On November 2, 2017 the House Ways and Means Committee Chairman introduced bill HR 1, the Tax Cuts and Jobs Act (“TCJA”), which proposes to make significant changes to how corporations and individuals are
What have you done to prepare for the new lease standard?
The new lease guidance (ASC 842) will change how lessees account for leasing transactions in a significant way. CFGI is working with companies to prepare for the new standard by providing technical interpretations and supporting adoption planning considerations based on
New FASB guidance reduces complexity in accounting for financial instruments with down round features
On July 13, 2017, the FASB issued ASU 2017-11, Part 1: Accounting for Certain Financial Instruments with Down Round Features. The new guidance provides relief for issuers of certain free-standing equity-linked financial instruments (such as warrants on the issuer’s shares)
Should your company pursue a ‘Massachusetts Manufacturing Corporation’ Classification?
Massachusetts continues to provide significant tax benefits to corporations that are engaged in manufacturing activities within the state. These benefits include: Single sales factor apportionment for income tax purposes Sales/Use Tax Exemptions Investment Tax Credits Local Personal Property Tax Exemption
Cash Tax Benefits. Is your Start-up Company Missing out?
Effective January 1, 2016, the PATH Act provides a payroll tax credit offset of up to $250,000 for qualified small businesses. Companies that were in loss positions that would normally not have filed for the credit, because they had no