by Kernutt Stokes | Aug 31, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 3
The new Tax Cuts and Jobs Act, which went into effect on Jan. 1, has sent an unambiguous message that the current GOP-dominated Congress and Presidential Administration are decidedly pro-business. Fortunately, they included provisions in the new legislation that...
by Kernutt Stokes | Aug 31, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 3
Among the many provisions included in the Tax Cuts and Jobs Act is a new type of community development program, referred to as “Opportunity Zones.” As defined on the IRS website, an Opportunity Zone is “an economically-distressed community where new investments, under...
by Kernutt Stokes | Aug 31, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 3
Running a small or medium-sized business or nonprofit is becoming increasingly challenging. Maintaining and analyzing business finances takes time and expertise that not all business owners or managers have. Hiring an in-house chief financial officer and accounting...
by Kernutt Stokes | Aug 31, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 3
Lease accounting has never been most people’s favorite accounting topic, but the Financial Accounting Standards Board (FASB) has recently upped the complexity with a new wrinkle to the existing treatment of leases. While this new guidance is not applicable for a few...
by Kernutt Stokes | Jul 3, 2018 | Tax Updates, The Kernutt Stokes Advisor, Volume 3 Issue 3
On June 21, 2018, the U.S. Supreme Court ruled that states can impose sales tax on internet retailers, even if the retailer has no physical presence in that state. The court’s decision in South Dakota v. Wayfair overturns a 1992 Supreme Court precedent set by Quill...
