Every profession has them. Names, words, jargon or acronyms that only people in the profession use. The words are designed for insiders to communicate with insiders. The mere mention of the words keeps outsiders at bay.Tax accounting has more than a few. Amortization, bonus deprecation, MACRS, any phrase containing the word “section” and of course, the word “basis”. The insider jargon makes accounting all but impossible to unders […]
With the tax cuts passed in December of 2017 and most of them taking place in tax year 2018, many professional practices are asking if they received a cut. While the cuts were broad and impacted most industries, there are some who will see no business tax cut. The Tax Cuts and Jobs Act (TCJA) gave the individual taxpayer a reduction in rates, reduced the number of brackets, almost doubled the standard deduction and made all sorts of problems for individuals in high tax states, b […]
