Accounting & Finance
Arizona’s New Limited Liability Company Act
Arizona has long had laws defining and regulating limited liability companies (LLCs) organized within the state. The first law was codified in the Arizona Revised Statutes in 1992, and it remained substantially unchanged until 2018. In 2018, the Arizona legislature enacted the new Arizona Limited Liability Company Act (ALLCA). The ALLCA will affect all Arizona…
Read MoreWill You Be Taking Advantage of the New 20% Pass-through Business Deduction This Year?
One of the most talked about changes under the Tax Cuts and Jobs Act is the new 20% deduction afforded to qualifying businesses. This deduction applies to income from pass-through entities and may provide a substantial tax benefit to individuals that qualify for the deduction. What exactly is the pass-through business income deduction? The deduction…
Read MoreDon’t let collaborative arrangements cause financial reporting headaches
Businesses often enter into so-called “collaborative arrangements” when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under U.S. Generally Accepted Accounting Principles (GAAP) is somewhat vague. Here are some questions that may arise as participants report shared costs and revenue on their income statements, along…
Read MoreGAAP vs. tax-basis reporting: Choosing the right model for your business
Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally Accepted Accounting Principles (GAAP). But doing so could result in significant differences in financial results. Here are the key differences between these two financial reporting options. GAAP: GAAP is the most…
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