Author Archives: Cordasco

Senate, House GOP Reach Agreement on Tax Reform

Federal Senate and House Republicans have reached agreement on a unified tax reform proposal, according to Senate Finance Committee (SFC) Chairman Orrin G. Hatch, R-Utah.  Hatch confirmed the agreement just prior to the start of the Senate and House conference … Continue reading


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2018 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to … Continue reading


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Senate, House Head to Conference on Tax Reform Bills

Where we are The Senate on December 6 voted 51-to-47 to go to conference committee with the House, thus setting the stage for tax reform negotiations between the two chambers. The House on the evening of December 4 held its … Continue reading


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Bridging the divide with a mezzanine loan

In their efforts to grow and succeed, many companies eventually reach the edge of a precipice. Across the divide lies a big step forward — perhaps the acquisition of a competitor or the purchase of a new property — but, … Continue reading


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“Bunching” medical expenses will be a tax-smart strategy for many in 2017

Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. … Continue reading


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How to prepare WIP reports for long-term contracts

Work-in-progress (WIP) is a major inventory account for manufacturers, media and film companies, construction contractors, and other entities that enter into long-term contracts. WIP reports help management gauge the profit on each long-term project. To maximize profitability, it’s essential to … Continue reading


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2 ways spouse-owned businesses can reduce their self-employment tax bill

If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 … Continue reading


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3 financial statements you should know

Successful business people have a solid understanding of the three financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP). A complete set of financial statements helps stakeholders — including managers, investors and lenders — evaluate a company’s financial condition … Continue reading


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Senate Passes Tax Reform!

The Senate passed the tax reform bill in the early hours of Saturday. The Tax Cuts and Jobs Act passed on a vote of 51 to 49. Sen. Ben Coker was the only Republican to vote against the bill. This … Continue reading


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Senate Passes Tax Reform!

The Senate passed the tax reform bill in the early hours of Saturday. The Tax Cuts and Jobs Act passed on a vote of 51 to 49. Sen. Ben Coker was the only Republican to vote against the bill. This … Continue reading


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