by Anders CPA | Feb 28, 2022 | Articles, Expense Accounting, Income Taxes
In most restaurants and bars, employees have the potential to earn a majority of their wages in tips. To make sure this tipped income is reported for tax purposes, certain food and beverage establishments are required to file Form 8027 at tax time. Below we dig into...
by Anders CPA | Jan 18, 2022 | Articles, Auditing, Going Concern
As a follow-up to our recent Not-for-Profit Symposium, we’re looking at the new auditor’s report changes and why these matter for not-for-profits. To synchronize and better align with international reporting standards, the AICPA Auditing Standards Board (ASB) issued...
by Anders CPA | Sep 7, 2021 | Articles, Industry Accounting, Real Estate
When buying and selling properties, a 1031 exchange is a commonly used tax strategy for real estate investors. A 1031 exchange, also known as a “like-kind exchange” allows investors to roll the profits of real estate transactions into future property purchases while...
by Anders CPA | Jul 13, 2021 | Articles, Cost of Sales & Service, Expense Accounting, Income Taxes, Sales
Manufacturing companies that sell equipment to the federal government or government contractors could be eligible for a tremendous tax benefit. The opportunity can help reduce sales/use taxes paid for consumables purchased in support of such government contracts. The...
by Anders CPA | Oct 20, 2020 | Articles, Contractors, Cost of Sales & Service, Expense Accounting, Income Taxes, Industry Accounting, Real Estate, Sales
Whether you’re a real estate broker and independent contractor or a general or sub-contractor working in construction, sales tax for contractors can be complex and difficult to understand. There are many factors that affect taxability, and real estate and construction...
