By MarksNelson on June 22, 2018For years, consumers have been held responsible for reporting and remitting use tax on purchases where sales tax was not collected. This shifts the burden to the seller to collect the sales tax when the transaction is consummated.
The IRS has identified transfer pricing as one of its top audit issues, and the same holds true for other revenue-strapped tax authorities. Don’t put your company at risk for incurring steep penalties of 20% – 40% on transfer pricing adjustments by not being in compliance.
You’re probably familiar with the term “crunch the numbers.” Well, in a tumultuous industry like construction, it’s all too easy to let crisp, timely financials go soggy with outdated data and flat-out mistakes. Here are six common accounting mistakes to avoid.
Treating a client, or prospective one, to a Royals game long has been a good way to build relations. The fact that the tickets qualified for a 50 percent tax deduction never hurt, either. But the deductibility of those tickets, along with tickets to other sporting events and concerts, is one of the losses from the tax reform package passed at the end of 2017. That will cause some business owners to reexamine the value of those investments.
By MarksNelson on May 4, 2018If you own property and a business, there’s an obvious temptation to lease that property to the business. Such an arrangement can make sense from many perspectives.
By MarksNelson on May 4, 2018If you own a business or work in a business, chance are that at some point, you’ve engaged in business-related entertainment of some sort. If so, you’ve probably reported those entertainment expenses as deductible on your taxes.
By MarksNelson on April 20, 2018Jennifer Katrulya, a CPA and Practice Leader of the Entrepreneurial Services Group of MarksNelson, LLC, has been accepted into the Forbes New York Business Council, the foremost growth and networking organization for small business owners and leaders in the Greater New York City area.
By MarksNelson on April 4, 2018The OVDP, which has provided the opportunity to pay taxes owed in exchange for protection from criminal liability, has allowed such taxpayers to resolve their civil tax liabilities at reduced rates.
By MarksNelson on March 26, 2018It’s a good time to be in the automotive industry — or any business, as long as the stock market continues to hit record highs, unemployment remains low, and consumer confidence stays strong. But auto dealers will continue to rely on F&I to maintain profitability, bring customers back for maintenance and repairs, and create opportunities for participation in reinsurance programs.
By MarksNelson on March 22, 2018As soon as a business hires its first employee, the challenges of payroll management begin. The technicalities and need for vigilance increase exponentially as the company grows and its workforce expands. Even if it downsizes staff and turns more toward independent contractors, considerable payroll-related issues should be considered.
There is no substitute for personal attention. It enables us to truly connect, so we can understand your perspective, anticipate your needs and provide the best solutions. That means real conversations, not impersonal emails.
At MarksNelson, we think curiosity is a virtue. After all, any accountant can focus on your numbers. We get down to business by first learning yours, inside and out. Our associates work to understand not only what you do, but why you do it.
The team at MarksNelson believes that the smallest point can be just as important as your biggest line item. Our goal is to deliver a quality product, prepared with great attention to detail and accuracy. Whatever industry you are in.
We work to be vigilant with everything we do. But why? The truth is... every firm says they will put you first. MarksNelson does more, by keeping on track and informed. We want to collaborate with you to provide you with the solutions that you need.
At MarksNelson we are always hiring and seeking new talent. Click below for available positions.
1310 East 104th St., Suite 300
Kansas City, MO 64131