The Kernutt Stokes Advisor

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…

Supreme Court Rules to Close Online Sales Tax Loophole

On June 21, 2018, the U.S. Supreme Court ruled that states can impose sales tax on internet retailers, even if the retailer has no physical presence in that state. The court’s decision in South Dakota v. Wayfair overturns a 1992 Supreme Court precedent set by Quill Corp. v. North Dakota, which only allowed states to compel online retailers to collect…

High-Tax States Looking to Offset New Tax Law Impact

The new GOP tax law places high income and property tax states at a distinct disadvantage. Before the new tax bill, any and all state and local taxes (commonly referred to as SALT) could be taken as itemized deductions without limitations. SALT includes both income and property taxes, so states where both are high, such as New York, New Jersey…