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Brown Smith Wallace
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Congratulations to Mercy Hospital Jefferson on the recent completion of its expansion and renovation project! This new patient building will allow for expanded patient care and improved access for visitors and patients in Jefferson County. We are proud to be have partnered with the entire project team to ensure these renovations were completed on time and under budget.
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Brown Smith Wallace is proud to support women within our firm and the #STL community through our women’s initiative, The Bridge. Learn more about this special event series and register to reserve your spot to hear guest speaker Teri Griege at our next event May 16. https://www.bswllc.com/resources-articles-the-bridge-powered-by-hope
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Register now for our next NPO Speaker Series event, “Putting Your Annual Campaign on the Couch,” on Tues., May 1, in St. Peters! Pat Knoerle-Jordan, Partner and Nonprofit Practice Leader of Experience on Demand, will host a workshop covering campaign analyses and strategies to improve fundraising effectiveness in 2018. Don’t miss it! https://www.bswllc.com/events-npo-speaker-series-putting-your-annual-campaign-on-the-couch-st-charles-county
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Not only did the Tax Cuts and Jobs Act (TCJA) cut the corporate tax rate, it also added a new deduction for businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. Read here for a more in-depth look at the new 20 percent qualified business income deduction and how it could benefit your business. https://www.bswllc.com/resources-articles-the-pass-through-provisions-of-the-TCJA-the-devil-is-in-the-details
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Is it just a matter of work vs. fun? From a tax perspective, the difference between a business and a hobby is that you can fully deduct business expenses from income. Under the new tax legislation, you can't deduct ANY hobby expenses. Learn more about what distinguishes a hobby from a business, and read some helpful tips to transition your hobby to a business for tax benefit. https://www.bswllc.com/resources-articles-under-the-new-tax-law-you-cant-deduct-hobby-expenses-infographic
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With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the new tax legislation has temporarily reduced that threshold. Learn how the new tax law makes it easier to claim the medical expense deduction on your 2017 tax return, and what planning opportunities might be available for 2018. https://www.bswllc.com/resources-articles-tcja-temporarily-lowers-medical-expense-deduction-threshold
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Normally, when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there's a way to defer this tax: a Section 1031 "like kind" exchange. There had been some concern that tax reform would include the elimination of tax-deferred like-kind exchanges. The good news is that the TCJA still generally allows them for real estate, but there are limits you need to be aware of. Discover how the new tax reform reduces the types of property eligible for this favorable tax treatment. https://www.bswllc.com/resources-articles-defer-tax-with-a-section-1031-exchange-but-new-limits-apply-this-year
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The AICPA is asking the Financial Accounting Standards Board (FASB) for special breaks for private companies as they implement the new revenue recognition standard. The update goes into effect for private companies in 2019. The AICPA's letter asked that private companies be allowed to employ less restrictive interpretations for five aspects of the new standard. Read here for more on why private companies are struggling to adopt the standard and how they should focus on the implementation process. https://www.bswllc.com/resources-articles-private-companies-grapple-with-new-revenue-recognition-standard
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In recent years, an increasing number of companies have voluntarily issued "sustainability" reports in response to growing interest from investors and lenders in environmental, social and governance issues. Learn more about the recent updates to COSO's enterprise #riskmanagement guidance to address sustainability issues. https://www.bswllc.com/resources-articles-coso-updates-erm-framework-for-sustainability-issues
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The new tax legislation has generated a lot of questions about the new #bonusdepreciation rules and the benefits of #costseg studies. Tax Partner Rob Haggerty answers some of the most pressing questions about cost segregation he’s received since the #TCJA was signed into law. https://www.bswllc.com/resources-articles-tcja-hot-topics-cost-segregation
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