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Denise Hozza

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New Lease Accounting Rules Delayed for Private Businesses

Posted by Denise Hozza on Thu, Nov 7, 2019

There’s some welcome news for businesses that use GAAP (Generally Accepted Accounting Principles) for their financial statements. There is now a year delay on implementing fairly cumbersome new lease accounting standards.

The Financial Accounting Standards Board (FASB) voted last month to delay ASC 842 Leases, a standard requiring the capitalization and debt of virtually all leases on the balance sheet. The new standard was supposed to take affect for private businesses and other non-public entities for fiscal years starting after Dec. 15, 2019. Now the new standard will take affect for fiscal years starting after Dec. 15, 2020.

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Topics: Business consulting

Business Valuation: When Businesses Need One and Why to Use a CVA (Video)

Posted by Denise Hozza on Tue, Apr 3, 2018

Obtaining a business valuation from a Certified Valuation Analyst is more accepted by the IRS and will stand up better in court. If you don’t have an accurate valuation, there could be business and tax consequences.

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Topics: Business Valuation

New Jersey Taxpayers to Face Changes in Sales, Gas and Estate Taxes

Posted by Denise Hozza on Thu, Oct 27, 2016

New Jersey enacted major tax changes earlier this month, including a sales tax reduction, gas tax increase and plans to phase out state estate taxes by 2018.

The state Legislature also increased exclusions for pension and retirement plan income and increased earned income tax credit.

Get details on all the changes below, including the planned end to New Jersey’s income tax reciprocity agreement with Pennsylvania, which will affect both New Jersey and Pennsylvania residents who cross the Delaware River for work.

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Topics: Individual tax planning

Manufacturers: Are You Receiving All the Tax Deductions to Which You’re Entitled?

Posted by Denise Hozza on Thu, Aug 25, 2016

Are you familiar with cost segregation studies, IC –DISCs, R&D tax credits, accelerated depreciation methods and the Domestic Production Activities Deduction?

If not, then you may have outgrown your tax advisor and are likely not taking advantage of tax deductions available to you. It is obviously costing you money and decreasing your cash flow.

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Topics: Business tax planning, Manufacturing

5 Tax Tips Every Beer Brewer Should Consider for Increased Cash Flow

Posted by Denise Hozza on Thu, Jan 21, 2016

Beer brewing requires a significant investment in equipment and supplies, but there are some great tax benefits brewers can receive for some of these purchases.

There are other tax advantages just for manufacturing products – including beer! – in the United States and for selling your products in multiple states. Growing your sales beyond your state border could save you money – a real win-win for both business growth and cash flow!

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Topics: Business tax planning, Manufacturing, Brewers

Year End Tax Tips: How Businesses Can Benefit From a Net Operating Loss

Posted by Denise Hozza on Wed, Dec 16, 2015

Is it looking like your business expenses will exceed your income this year?

Especially if you’re a new business, don’t fret. This is common for many start-up companies and it can help reduce your tax burden in future profitable years.

If your business expenses exceed your income, it’s called a net operating loss.

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Topics: Business tax planning

Year End Tax Tips: Take Advantage of Tax Extenders for New Business Equipment

Posted by Denise Hozza on Mon, Nov 23, 2015

Tax planning for 2015 can be a bit challenging right now, due to Congress not yet approving tax extenders for the current year.

The tax extenders are package of more than 50 various business tax breaks that can be important tax planning tools for businesses looking to save money.

The good news is that Congress has approved these tax extenders for many years running, and the Senate Finance Committee in July passed a bill extending $95 billion worth of the extenders through 2016.

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Topics: Business tax planning

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