There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was…Read More
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Welcome to the MSL Blog! A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way. Otherwise, you may increase your chances of being…Read More
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income…Read More
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines…Read More
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers…Read More
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual…Read More
The 2019 hurricane season starts June 1, how time flies. Last year, although not a year for multiple storms, Hurricane Michael slammed the panhandle with one of the most powerful storms to ever make landfall in the US. Having personally traveled west on I-10 to view the aftermath, the destruction and sheer…Read More
The Centers for Medicare and Medicaid Services (CMS) recently released the proposed rule for the Skilled Nursing Facility (SNF) Prospective Payment System (PPS) fiscal year (FY) 2020 update. Based on theRead More
As a reminder to nursing center providers, the April 30 deadline for cost reports is still in play under the Prospective Payment System (PPS) methodology. Although the official due date is five months after the fiscal year end of a center’s report, providers may…Read More
Earlier this month, the Centers for Medicare & Medicaid Services (CMS) announced updates coming in April to the Nursing Home Compare and the Five-Star Quality Rating Systems. The April changes are part of a broad range of updates that have been under development for the last several years—-Read More
The following ASUs (5) were issued since July 2018 (last one was ASU 2018-10).
ASU 2018-11 Leases – Targeted Improvements
Issued: July 2018
The FASB has been assisting stakeholders with implementation questions and issues as organizations prepare to adopt the new leases standard…Read More
Preparation, Compilation, and Review Engagements - updated as of June 1, 2018
The updated version of the Preparation, Compilation, and Review Engagements incorporates relevant guidance that is issued and effective on or before June 1, 2018. Updated guide incorporates SSARS No. 24, which creates an AR-C section entitle Special Considerations-International Reporting Issues, and amends SSARS No 21…
The following is a summary of SEC and PCAOB developments since July 2018.
1. PCAOB Issues Report on 2017 Inspections of Broker-Dealer Auditors
Issued: August 20, 2018
The most recent PCAOB annual report on its inspection in 2017 of auditors of brokers and dealers shows a continued high number of audit deficiencies…Read More
Daniel O’Keefe has been appointed by Gov. Rick Scott to the Seminole State College District Board of Trustees for a four-year term. O’Keefe, 62, of Longwood, has served as the managing shareholder for the Orlando office of Moore Stephens Lovelace (MSL) since 2005.
O’Keefe is recognized as one of the top public-sector instructors in the state of Florida with over 40 years of public accounting…Read More
Not-for-profit entities (NFPs) with conduit debt that have securities that are traded, listed or quoted on an exchange or over-the-counter (OTC) market are required by certain Accounting Standards Updates (ASUs) to use the same effective dates and expanded disclosures that are imposed on public business entities…Read More
We've received several questions from our clients regarding notices recently issued by The Agency for Health Care Administration (AHCA) concerning the reinstatement of Lease Bond Trust Fund payments. The purpose of the Fund is to reimburse The State of Florida in the event providers skipped out on paybacks…Read More