Businesses often enter into so-called “collaborative arrangements” when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under U.S. Generally Accepted Accounting Principles (GAAP) is somewhat vague. Here are some questions that may arise as participants report shared costs and revenue on their income statements, along […]

On June 21, 2018, The U.S. Supreme Court, with a 5-4 majority, overruled the 1992 Quill physical presence nexus requirement for the collection of state sales taxes. The Court offered an answer in its stead:  States have broad authority to require online retailers to collect sales taxes, using an economic nexus as their guide. In […]

Governor Murphy Signs New Jersey Budget Late in the evening of July 1, Governor Murphy signed the fiscal year 2019 budget after long negotiations with state legislators. Because the budget was passed at the eleventh hour, much of it has not been assembled into readable form and experts are still deciphering some of the details, […]

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible […]

If someone steals your credit or debit card — or just your account number — and uses it to make purchases, will your card company hold you liable? The answer may depend on the type of card, whether the physical card is still in your possession and when you alert the card issuer. Credit cards […]

If your estate plan includes one or more trusts, you may have a good reason for wanting to keep them a secret. For example, you may be concerned that, if your children or other beneficiaries knew about the trust, they might spend recklessly or neglect educational or career pursuits. Despite your good intentions, however, the […]

When thinking about the ways financial experts can uncover fraud, what usually comes to mind are data analysis and other forensic accounting techniques. But qualified experts also keep everyday managerial accounting practices in their fraud toolkit. Variance analysis After an organization finalizes its budget, management may perform a variance analysis, reviewing differences between actual and […]

When a business decides to hold a retreat for its employees, the first question to be answered usually isn’t “What’s our agenda?” or “Whom should we invite as a guest speaker?” Rather, the first item on the table is, “Where should we have it?” Many employees, and some business owners, might assume a company retreat, […]

For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course, but if you’re leaning toward a business sale, here are seven ways to prepare: 1. […]