Compensation clawbacks are a regulation initiated in 2002 due to significant financial scandals. These clawbacks have since been more aggressively implemented to assist in restoring faith in investors. Clawbacks have helped regain faith by enabling companies to retrieve (clawback) compensation that was paid to employees… Read More
To become more self-reliant in the gas and oil industry, Congress created tax incentives and deductions to attract investors. This industry has become more popular over the years due to the increase in profits from the new tax regulations. This increase in investors, in turn, has increased our oil and gas supply, so the United… Read More
IRS provides flexibility to elect an entity’s tax status. This is done in recognition of the fact that there are various business and operational differences from one entity to another and one size does not fit all. But there are boundaries within which tax status elections can be made and changed. The following listed entities… Read More
The question that is often asked is as to what type of structure should a business be set-up as one starts a new business or diversifies or experiences growth. Ones choices have legal and tax implications. Here are some of the company formation choices: Sole Proprietorship General Partnership Limited Partnership Limited Liability Partnership Limited Liability… Read More
Accounting For Construction- Type and Production-Type Contracts Residing in ASC 605-35 and As Superseded by ASC 606 ASC 605-35 provides guidance on Accounting Principle Generally Accepted in United States of America for the following types of customer performance contracts: Facility Construction Production of Goods, and Performance under Related Services The standard addresses when to recognize… Read More
Capital Gains on Sale of a Home Capital gains or losses are the difference between your basis in an asset and its price when you sell it. Nearly anything of value can be a capital asset – cars, jewelry, stocks and bonds, and real estate. In this article, we will be looking specifically at capital… Read More
Audits, Reviews, and Compilations Understanding what your business needs is imperative to verifying financial accuracy so owners and management can make informed decisions. This cognizance is what makes Kislay Shah CPA the best match for your business. There are three different ways that financial information can be presented to owners and shareholders – each with… Read More
What are business tax deductions? Business tax deductions are any ordinary and necessary expenses for your business operations in a given tax year. The expenses must be reasonable, necessary for conducting your business, and directly traceable to your business. Most of them are expenses that you have as a self-employed person or sole proprietor that… Read More
Here is the challenge that Private Equity (PE) and Venture Capital (VC) Funds would face in valuing their portfolios at December 31, 2018. PE and VC funds using income approach, market comparable and/or precedent transaction approach to valuing their portfolios on a periodic basis, usually quarterly, may have been looking at higher market multiples in… Read More
Here are some of the key features of the Opportunity Zones provision of Tax Cuts and Jobs Act (TCJA). This article was written by Kislay (Sal) Shah. Mr. Shah has been in practice for over 25 years. An Opportunity Zone (OZ) is an economically distressed community where new investments, under certain conditions, may be… Read More