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Informative Articles, Notices and Resources

Bradshaw, Gordon & Clinkscales, LLC

Blog
  • “Innocent Spouses” May Get Relief From Tax Liability

    When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other.

  • Reporting Discontinued Operations

    August 13th, 2019    Financial reporting generally focuses on the results of continuing operations. But sometimes businesses sell (or retire) a product line, asset group or another component. In certain situations, such a disposal should be reported as a discontinued operation under U.S. Generally Accepted Accounting Principles (GAAP). Starting in 2015, the rules changed, limiting the scope…

  • Taking A Long-Term Approach To Certain Insurance Documentation

    August 9th, 2019      After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has expired. For this reason, it’s best to take a long-term approach to certain types of…

  • The Tax Implications of Being a Winner

    August 7th, 2019 If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable…

  • FAQs About CAMs

    August 6th, 2019 In July, the Public Company Accounting Oversight Board (PCAOB) published two guides to help clarify a new rule that requires auditors of public companies to disclose critical audit matters (CAMs) in their audit reports. The rule represents a major change to the brief pass-fail auditor reports that have been in place for…

  • The Simple Truth About Annual Performance Reviews

    August 2nd, 2019 There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to midsize businesses may find the prospect of implementing a state-of-the-art review process overwhelming. The simple truth is that smaller companies may not need to exert a lot of effort on a complex…

  • Employee Spotlight – Susie Repko

    “Make life’s bed with high thread count sheets.” Susie Repko is a Senior Auditor at Bradshaw, Gordon & Clinkscales, LLC. She has been with the firm for 31 years and specializes in audit services and quality control. Susie graduated from Wofford College with a Bachelor’s in Accounting and Economics. She enjoys spending time with her…

  • The “Kiddie Tax” Hurts Families More Than Ever

    July 30th, 2019 Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs…

  • Accounting Rule Delays in the Works

    July 29th, 2019 On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses and long-term insurance contracts. Summary of the changes The following table summarizes…

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