The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method (which is simpler than the accrual method) available to more businesses. Now the IRS has provided procedures for obtaining automatic consent to change accounting method under the TCJA. If you’re eligible for both methods, consider whether switching would be beneficial. The cash method is typically preferable, but in some cases the accrual method is advantageous. bit.ly/2P8G9NL ... See MoreSee Less

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method (which is simpler than the accrual method) available to more businesses. Now the IRS has provided procedures for obtaining automatic consent to change accounting method under the TCJA. If you’re eligible for both methods, consider whether switching would be beneficial. The cash method is typically preferable, but in some cases the accrual method is advantageous. http://bit.ly/2P8G9NL

1 week ago

Lenhart, Mason & Associates, LLC

In a hard fought championship series against a tough CK Mechanical team, we didn't lose, we just ran out of innings! Great season, Team LMA!! #morethanjustbeancounters #summerfun #workhardplayhard ... See MoreSee Less

In a hard fought championship series against a tough CK Mechanical team, we didnt lose, we just ran out of innings!  Great season, Team LMA!!  #morethanjustbeancounters #summerfun #workhardplayhardImage attachment

The recent U.S. Supreme Court decision in South Dakota v. Wayfair allows states to impose sales tax on more out-of-state online sales. But does it mean your business must immediately begin collecting sales tax on online sales to all out-of-state customers? No. You must collect such taxes only if the particular state requires it. South Dakota’s law, for example, requires out-of-state retailers that made at least 200 sales or sales totaling at least $100,000 in the state to collect sales tax. But laws vary dramatically from state to state. bit.ly/2MrOZoo ... See MoreSee Less

The recent U.S. Supreme Court decision in South Dakota v. Wayfair allows states to impose sales tax on more out-of-state online sales. But does it mean your business must immediately begin collecting sales tax on online sales to all out-of-state customers? No. You must collect such taxes only if the particular state requires it. South Dakota’s law, for example, requires out-of-state retailers that made at least 200 sales or sales totaling at least $100,000 in the state to collect sales tax. But laws vary dramatically from state to state. http://bit.ly/2MrOZoo

Drumroll, please... We're Hiring!! We will be adding one more Accounting Specialist to our team!
Please apply at lenhartmason.bamboohr.com/jobs/
... See MoreSee Less

Drumroll, please... Were Hiring!! We will be adding one more Accounting Specialist to our team!
Please apply at https://lenhartmason.bamboohr.com/jobs/

 

Comment on Facebook

Is this full or part time?

#itsallaboutbalance #wegottagetoutmore #accountantsrock #fridayfunny ... See MoreSee Less

#itsallaboutbalance #wegottagetoutmore #accountantsrock #fridayfunny

Team LMA raising money for a great cause at the American Cancer Society's Relay for Life! Through the hard work of a team of dedicated people, this year's Relay raised about $78,000 and LMA earned the designation as the top fundraising team. Well done! ... See MoreSee Less

Team LMA raising money for a great cause at the American Cancer Societys Relay for Life!  Through the hard work of a team of dedicated people, this years Relay raised about $78,000 and LMA earned the designation as the top fundraising team.  Well done!

With a two run home run in the bottom of the ninth, the LMA softball team racks up another win in tournament play and is heading to the championship game next week! Way to go, team! #morethanjustbeancounters #workhardplayhard ... See MoreSee Less

Under the TCJA, employees can no longer claim the home office deduction. But if you run a business from your home or are otherwise self-employed, this deduction may still be available to you. You might qualify if part of your home is used exclusively and regularly for administrative or management activities and you don’t have another fixed location where you conduct these activities. You also might qualify if you physically meet with clients/customers there or you use a storage area in your home exclusively and regularly for business. bit.ly/2OtkLTa ... See MoreSee Less

Under the TCJA, employees can no longer claim the home office deduction. But if you run a business from your home or are otherwise self-employed, this deduction may still be available to you. You might qualify if part of your home is used exclusively and regularly for administrative or management activities and you don’t have another fixed location where you conduct these activities. You also might qualify if you physically meet with clients/customers there or you use a storage area in your home exclusively and regularly for business. http://bit.ly/2OtkLTa

Some common deductions for businesses are meal (generally 50%), vehicle and travel expenses. Deductibility depends on a variety of factors, but proper documentation is one of the most critical. Following some simple steps can help ensure your deductions will pass muster with the IRS. First, keep receipts, canceled checks or similar documentation. Also, track the business purpose of each expense (and don’t wait until year end or an IRS audit). Finally, if you reimburse employees, require them to provide such documentation. bit.ly/2LRXZTi ... See MoreSee Less

Some common deductions for businesses are meal (generally 50%), vehicle and travel expenses. Deductibility depends on a variety of factors, but proper documentation is one of the most critical. Following some simple steps can help ensure your deductions will pass muster with the IRS. First, keep receipts, canceled checks or similar documentation. Also, track the business purpose of each expense (and don’t wait until year end or an IRS audit). Finally, if you reimburse employees, require them to provide such documentation. http://bit.ly/2LRXZTi
Load more