Whether you are a new or a well-established business, maintaining good business records is essential to supporting your business income and tax deductions. Good recordkeeping means you also claim the full amount of tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies. It...

In May 2019, Oregon created a new .57% gross receipts tax that went into effect on January 1, 2020.  This adoption of a new “Commercial Activity Tax” (“CAT”) is imposed on all types of business entities.  The CAT is in addition to the state’s current corporate income tax.  Oregon’s CAT is measured on a business’s commercial activity–the total amount a business realized fr...

Companies with large amounts of tax depreciation could be impacted greatly. Background and Basics of the Business Interest Deduction Limitation As part of the new tax law (Tax Cuts and Jobs Act), there is a new interest limitation for businesses with gross receipts greater than $25 million (*see more details of this limitation below). This was effective for tax years starting after December 31, 2017....

What is the Fourth Industrial Revolution (4IR)? The Fourth Industrial Revolution goes beyond computing automation – think Artificial Intelligence, Robotics, the Internet of Things, Big Data analysis, and 3D printing.  Are these things your company has looked into?  Maybe you’ve already expanded in this direction.  Have you considered the benefits of the R&D credit?  The R&...

Institutional knowledge. What your staff knows is one of the most valuable intangible assets of every organization. It’s often taken for granted and losing it is costly, frustrating, and inefficient. The concept of business continuity is more than having a disaster recovery plan for natural disasters or technology failure. It should also include personnel transitions, which are much more common. How ...

Is your accounting department prepared for the recent changes to meals and entertainment deductions?  Have they been trained to code invoices and track expense reports according to the new rules?  Are you looking for a better understanding of the new rules? The Tax Cuts and Jobs Act of 2017 made significant changes to the meals and entertainment rules that most have grown accustom to.  To date, the IR...

You’ve all heard the saying “failing to plan is planning to fail.” As a business owner, one of the most important and beneficial actions you can take is establishing a plan for the continuation of your business when you retire or in the event of an emergency such as an unexpected death or disability. Planning ahead for business succession allows the advantages of peace of mind, adequate train...

At Wegner CPAs, our goal is to offer relationship-driven service and go the extra mile for our clients.  We give you the capabilities of a large firm with the personalized attention of our senior staff, so you get the advantage of being served by CPAs who have hands-on experience.  Our knowledgeable team is eager to work with you to ensure your satisfaction through every step of your engagement. We are in...

In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). Since then, there have also been several amendments to the ASU that provide clarification to the original guidance. The update will be effective for all nonpublic entities for reporting periods beginning January 1, 2019.  The core principle is that an entity should recognize revenue ba...

The 2017 Wisconsin Tax Act 59 gave all Wisconsin commercial businesses some property tax relief. There’s been some questions around the changes so let’s dive right in. The exemptions in this bill are effective with the property tax assessments as of January 1, 2018.  All commercial and manufacturing taxpayers with property in the state must self-report taxable personal property with the assessor by M...