Accounting

Changes to Financial Statements for Nonprofit Entities, Are You Ready?

By |2018-09-19T12:37:53+00:00September 19th, 2018|Accounting, Change, Nonprofit|

FASB’s Not-for-Profit Advisory Committee determined that existing standards for financial statements of Not-for-Profit entities could be improved to provide more useful information to donors, grantors, creditors, and other users. The update is effective for years beginning after December 15, 2017. If your organization has a calendar year-end, you’ll be required to present financial statements under [...]

Choosing the Right Accounting Method for Tax Purposes

By |2018-08-31T10:05:14+00:00August 31st, 2018|Accounting, Cash Flow, Change, IRS, Tax Planning, Tax Reform|

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method, which is simpler than the accrual method, available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under [...]

Do You Need to Adjust Your Withholding?

By |2018-08-28T16:57:05+00:00August 28th, 2018|Accounting, Change, Deductions, IRS, Preparation, TAX, Tax Planning|

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should [...]

Business Deductions for Meal, Vehicle, and Travel Expenses

By |2018-08-24T13:56:03+00:00August 24th, 2018|Accounting, Deductions, IRS, Saving, Tax Reform, Tips|

A Critical Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or reimburse employees for them. Deductibility depends on a variety of factors, but generally the expenses must be “ordinary and necessary” and directly related to the business. Proper [...]

The Tax Cuts and Jobs Act Changes Some Rules for Deducting Pass-Through Business Losses

By |2018-08-24T13:55:12+00:00August 22nd, 2018|Accounting, Change, Preparation, TAX, Tax Reform|

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct [...]

TDT Named a 2018 IPA Top 300 Firm

By |2018-08-13T15:35:20+00:00August 13th, 2018|Accounting, Leader, TDT|

INSIDE Public Accounting has recently published its list of Top 300 public accounting firms based on an annual financial performance analysis. We are pleased to announce that TDT CPAs and Advisors, P.C. (www.tdtpc.com) has been named an IPA Top 300 Firm, again! “We are proud of our growth and accomplishments over the last year,” said Jerry [...]

3 Reasons You May Want to Consider Outsourcing Your Accounting

By |2018-07-12T09:08:59+00:00June 19th, 2018|Accounting, Advisory, Goals, Payroll, TAX, Tax Planning, Value|

Jodi Kerr, CPA, and TDT Tax Partner, provides insight to outsourcing your accounting and the mistakes that can be avoided in the process. Jodi specializes in small business consulting, individual and business tax compliance. The 2017 Tax season has concluded. Now is a good time to reflect on the process and identify areas of improvement in your accounting. [...]

Iowa Has a Section 179 Problem

By |2018-05-31T07:29:56+00:00April 8th, 2018|Accounting, Agriculture, Deductions, IRS, PATH, TAX, Tax Reform|

The tax filing season is well underway with deadlines coming and going and increased timing pressures. With the season comes look-backs and look-forwards. One of the biggest tax items affecting nearly every farm operation in 2018 and beyond is the IRC Section 179 Expense. The federal government has been generous with this deduction; however, Iowa [...]

5 Things for Manufacturers to Know About Tax Reform

By |2018-04-23T08:53:04+00:00March 29th, 2018|Accounting, Deductions, IRS, Manufacturing, TAX, Tax Reform|

Amie Kuntz, Tax Manager at TD&T CPAs and Advisors, P.C., expands on 5 tax reform items for manufacturers. Amie serves privately held businesses across Iowa, providing tax services and strategic planning opportunities. Tax reform has businesses of all kinds contemplating how it will affect them. In a sense, it’s a great catalyst to reevaluate your [...]

Employer Risks Associated with Wage Garnishments

By |2018-04-17T10:30:58+00:00March 13th, 2018|Accounting, Employment, Garnishment|

Jodi Kerr, Tax Principal at TD&T CPAs and Advisors, P.C., provides some insight on types of wage garnishments and possible employer risks. Many businesses are dependent on a dedicated, dependable work force. Hiring, retaining and compensating employees adds another level of challenges to a small business owner. One specific challenge involves managing employee wage garnishments. [...]