A good record keeping system includes a summary of your business transactions. Business transactions are ordinarily summarized in books called journals and ledgers. You can buy them at your local stationery or office supply store. A journal is a book where you record each business transaction shown on your supporting documents. You may have to keep separate journals for transactions… Continue reading How should I record my business transactions?
You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. The business you are in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should include a summary of your business transactions. This summary is ordinarily made in your business books… Continue reading What kind of records should I keep?
Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following: Monitor the progress of your business Prepare your financial statements Identify sources of your income Keep track of your deductible expenses Keep track of your basis in property Prepare your tax returns Support… Continue reading Why should I keep records?
Maine has not yet enacted legislation in response to federal tax reform, for more information visit our Maine Tax Conformity Article. Massachusetts has not enacted legislation in response to the federal Tax Cuts and Jobs Act (P.L. 115-97, 12/22/2017), but has issued guidance on the state implications of the federal deemed repatriation rules and taxpayers'… Continue reading State Legislation Responds to Federal Tax Reform
The Tax Cut and Jobs Act of 2017 added the following provision to the Internal Revenue Code that will cause many tax-exempt organizations to pay the unrelated business income tax (UBIT): Internal Revenue Code (IRC) Section 512(a)(7): Certain qualified transportation fringe benefits, including those relating to parking garages, must be reported as unrelated business income… Continue reading Transportation Fringe Benefits for Exempt Organizations now Recorded as Unrelated Business Income