FASB is hoping the changes in Accounting Standards Update (ASU) 2016-14 will encourage nonprofits to provide more relevant information and narrative in their financial statements. The changes are effective starting with December 31, 2018 year ends, so it’s a good…
A quick photo, taken while attending the McDonald’s Worldwide Convention in April, turned into a summer-long series of fundraising efforts, fueled by the generous employees of #TeamMize. Mize team members were inspired to embrace something they love to do and…
Restaurants have revolving doors when it comes to keeping staff. And it’s incredibly difficult to find reliable, experienced staff, chefs and managers. Add tight profit margins and finicky customers to the mix and it’s no wonder many owners don’t think…
If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a…
Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and…
Mize Houser professionals Gary Powell, CPA, and Alyssa Sharp, CPA, are enthusiastic advocates for the Kansas Society of CPAs, an advocacy and education organization to support accounting professionals. As leaders in the Kansas Society of CPAs Kansas City Metro Chapter,…
One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready…
Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home…
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%),…
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S…