News

New accounting standards under the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) require organizations to record leases on their balance sheets. in 2019, and now...

The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage. Here are some tips for working...

For many folks, the lyrics of a 1960s rock song summarize the American dream: "Our house is a very, very, very fine house." According to U.S. Census figures, about two-thirds of American families are homeowners. But buying a house or...

You might be in a rush to buy or sell a home before summer starts or interest rates increase even more. But, first, it's important to review the tax rules related to home sales and deductions for mortgage interest, property taxes and...

The ability to deduct state and local taxes (SALT) has historically been a valuable tax break for taxpayers who itemize deductions on their federal income tax returns. Unfortunately, the Tax Cuts and Jobs Act (TCJA) limits SALT deductions for...

The Tax Cuts and Jobs Act (TCJA) imposes new limits on home mortgage interest deductions. Here's how the changes could affect your tax situation. What Is Home Acquisition Indebtedness? Under the tax law, home acquisition debt is a...

Are you thinking about divesting a real estate investment and then replacing it with another property? If you sell appreciated property outright, you'll incur a taxable gain, which lowers the amount available to spend on the replacement...

Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you're already planning to relocate or downsize to a smaller home. Ideally, you'll...

If you own a home with a mortgage, you should receive an IRS form from your lender each year with information that is used to claim an itemized deduction for qualified residence interest. For 2016, that form should include additional...

The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons. Section...

Few things in life are certain, but when disaster strikes, the number of fraud incidents will probably skyrocket. In the wake of a hurricane, tornado, flood, fire, earthquake or other unexpected catastrophe, fraudulent operators are always quick to...

In an ideal world, work would come in without your having to fight for it or search it out. If your company isn’t in that favorable position right now, then do the next best thing – win more of the bids you do prepare. Fewer hours...

Two credits are currently available for the restoration of historic buildings – a 20-percent credit for the rehabilitation of certified historic structures and a 10-percent credit for nonhistoric buildings built before 1936. The substantial...

The emphasis on social media and web-based marketing sometimes overshadows what is still the most effective marketing technique – networking. Of course, an attractive website or portfolio with photos of your past work can be impressive...

The business energy tax credit can provide significant tax breaks to businesses that make certain energy-efficient improvements to buildings. To be eligible for the credit, the original use of the equipment must begin with the taxpayer, or the...

Ten years after Katrina devastated New Orleans, floodplain management is again in the forefront. The National Weather Service defines storm surges as an abnormal rise of water generated by a storm. At their worst – such as in Katrina –...

Since 1921, investors in commercial properties have been allowed to defer paying capital gains when selling a property as long as they do a like-kind exchange. The long-term and short-term impacts of changes to the provision are examined in The...

A contractor’s financial statements are only as accurate as the work-in-process (WIP) schedule, and the WIP schedule is only as good as the estimated costs to complete. “It ain’t over ’til it’s over”If estimated...

A time-honored approach to training the next generation of skilled workers is gaining traction. Due to ongoing labor shortages in construction and other industries, apprentice programs are on the rise. To support the timely development of...

For the first time, Chinese buyers led all other foreign purchasers of U.S. homes, both in number and dollar volume, according to 2015 figures of the National Association of Realtors. More than 209,000 homes were purchased by international buyers...