The Kernutt Stokes Advisor

How Will the Markets be Impacted by Trade in 2019

With talks of changing existing trade deals by then candidate Donald Trump now a reality with President Trump, America has taken a different path for international trade. Seeing mixed results during negotiations, global and domestic stock markets have been shaken and are subject to ongoing volatility. Today, foreign trade talks are in flux, and it’s unknown how different deals will…

Tax Reform 2.0

The House Republicans recently introduced legislation that, bundled together, is being referred to as Tax Reform 2.0. Expanding on the Tax Cuts and Jobs Act (TCJA), it’s composed of three main bills intended to address some of most criticized portions of the TCJA. H.R. 6760, Protecting Family and Small Business Tax Cuts Act of 2018 Currently, the TCJA tax cuts…

Self-Employment Deductions Under the New Tax Law

The new Tax Cuts and Jobs Act, which went into effect on Jan. 1, has sent an unambiguous message that the current GOP-dominated Congress and Presidential Administration are decidedly pro-business. Fortunately, they included provisions in the new legislation that enhance tax advantages for many self-employed sole proprietors. The following offers an overview of both new and old tax deductions that…

What is an Opportunity Zone—And Why Should You Care?

Among the many provisions included in the Tax Cuts and Jobs Act is a new type of community development program, referred to as “Opportunity Zones.” As defined on the IRS website, an Opportunity Zone is “an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatments.” Read on to learn about what qualifies an area…

Private Accounting Services

Running a small or medium-sized business or nonprofit is becoming increasingly challenging. Maintaining and analyzing business finances takes time and expertise that not all business owners or managers have. Hiring an in-house chief financial officer and accounting department isn’t always feasible, and having the time or expertise to critically review financial data isn’t easy. Kernutt Stokes Private Accounting Services is…

Lease Accounting

Lease accounting has never been most people’s favorite accounting topic, but the Financial Accounting Standards Board (FASB) has recently upped the complexity with a new wrinkle to the existing treatment of leases.  While this new guidance is not applicable for a few more years, it is good to understand the implications it may have on your business now. Currently, leases…