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Haynie & Company
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Haynie & Company CPAs is a grounded yet innovative firm with over 50 years of experience, multiple offices and over 120 people.
Haynie & Company CPAs is a grounded yet innovative firm with over 50 years of experience, multiple offices and over 120 people.

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Are you ready for the new lease accounting rules? They go live in 2019 for public companies and 2020 for private ones. In a nutshell, they require companies to recognize on their balance sheets the assets and liabilities associated with rentals. The effects will be pervasive. In fact, public companies are expected to add more than $1.25 trillion of lease obligations to their balance sheets next year. We can help you learn how the new rules will affect your business and how various alternative reporting options may help simplify reporting for existing leases.
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The IRS reminds taxpayers of big changes that apply to most individual 2018 tax returns. Initial inflation adjustments, which were released by the IRS last year, were later revised to reflect inflation as well as the changes brought by the Tax Cuts and Jobs Act. Among the adjustments that affect most taxpayers are the elimination of the personal exemption (previously $4,050 in 2017), higher standard deductions and lowered tax rates, which now top out at 37% (down from 39.6% in 2017). Here are details of other key figures that have changed: https://bit.ly/2JLujXh
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Advisory boards can bring complementary skills and resources to a not-for-profit’s general board. This informal board can allow you to add demographic diversity to your leadership and fill expertise gaps, such as fundraising or grant writing experience. The advisory role also enables people to get involved who can’t (or aren’t ready to) make the time commitment a regular board position requires. And such boards may provide a “bench” of interested and knowledgeable individuals from which to fill open board seats.
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The Tax Cuts and Jobs Act includes many changes affecting tax breaks for employee benefits that will impact not only employees but also the businesses providing the benefits. Beginning with the 2018 tax year, the new law reduces or eliminates tax breaks in these 4 areas: transportation benefits, on-premises meals, moving reimbursements and employee achievement awards. (Some changes are only temporary.) On the plus side, for 2018 and 2019, the new law creates a tax credit for wages paid to qualifying employees on family or medical leave. Contact us for the details.
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For most not-for-profits there’s no such thing as too much good publicity. If you’re struggling to get enough attention from media outlets, follow these four steps. First, release news regularly rather than just occasionally, covering such events as staff additions, new grants received and milestones reached. Next, target the right media and get to know their editors, target audiences and schedules. Also, time your news for release at the start of publication cycles or on slow news days. And, finally, provide a local angle on issues of national importance.
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Small private “Main St.” companies often criticize the Financial Accounting Standards Board (FASB) for writing overly complex standards that focus on the needs of stakeholders in large public companies. In response, the FASB has exempted private companies from certain disclosure requirements and often gives them an extra year to implement new rules. In 2014, it adopted four specific reporting alternatives, and more alternatives are on its current agenda. Contact us about accounting rules changes that could simplify financial reporting for your private business.
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Send the right message without saying a word - AICPA Insights http://bit.ly/2GSraY1
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The filing deadline is almost here. Do you owe more to the IRS than you can pay on April 17? You may be able to avoid some penalties, but not interest, by getting an extension of time to pay from the IRS. You can pay the full amount owed within 120 days, though interest and penalties accrue until you’ve paid in full. If you meet certain conditions, you can apply for an installment agreement. Fees apply but may be reduced or waived for low income taxpayers. An “offer in compromise,” if accepted by the IRS, can also let you settle your debt for a reduced amount.
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If a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. The upside is tax benefits: If the tax year generating the NOL ended on or before 12/31/17, the NOL can be carried back up to 2 years to generate an immediate tax refund and boost cash flow. Any remaining NOL can be carried forward up to 20 years. Or the entire NOL can be carried forward. But the TCJA makes significant, generally unfavorable, changes to the tax treatment of NOLs. The rules are complicated, especially for pass-through entities. Contact us for details.
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How audit committees can evaluate lease accounting implementation http://bit.ly/2GDdOP7
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