News - GLO CPAs

City of Houston Net Assets Plunge by $1 Billion

City’s Net Assets Plunge by over $1 Billion A few days before Christmas, the City of Houston released its Comprehensive Annual Financial Report (CAFR) for FY2017-2018. In recent years, the City’s standard operating procedure has been to release the CAFR over the holidays to minimize the attention it will receive because the news is generally

2018 Last-Minute Year-End General Business Deductions

p {padding-left: 22px ;} This article gives you five powerful business tax deduction strategies that you can easily understand and implement before the end of 2018. 1. Prepay Expenses Using the IRS Safe Harbor You just have to give thanks to the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule read more

05Oct

Entertainment Deductions: IRS’ Guidance

The IRS has issued Notice 2018-76 as its initial understanding of the deduction for entertainment under the Tax Cuts and Jobs Act (TCJA). The important part of an IRS Guidance is that taxpayers can rely on it. IRC Section 274 specifies the rules for deducting business meals and entertainment. Meals and entertainment are considered together

09Aug

Tax Reform 2.0 – Focus on Savings

Personal Savings For some time now, the US has lagged behind the many 1st world economies in terms of personal savings. The French, for example save more than 3 times as much as their US counterparts even with significantly higher income taxes. Oddly, when economic downturns hit, personal savings rates in that country go up read more

07Aug

3 Things You Can Do to Compete in an Exponential World

David Townsend, a professor of history, once told his class that history wasn’t just “one damn thing after another,” but is a set of linear, intermingled stories of those who came before us. He wanted his students to remember that history was about people and events that were shaped by other people and other events.

02Aug

Tech Watch – Your Next Phone will be 5G

Get ready, your next phone will be rolling out around the world in less than 2 years. The next generation of cell phone technology is just about the corner and it’s called 5G. 5G, or 5th Generation networks are the next generation of the mobile internet. These networks have much faster speeds, more reliable connectivity

27Jul

Universal Savings Accounts in Tax Reform 2.0

Americans don't do a great job of saving for a rainy day, but Tax Reform 2.0 might help with something called the Universal Savings Account. Reports indicate that contributions to one of these would be made in after-tax dollars, but earnings could be withdrawn tax-free. Want know more? Come hear US Rep Kevin Brady, the read more

25Jul

Tax Reform 2.0

Tax Reform 2.0 has been released. It focuses on 3 areas: making permanent tax cuts in Tax Reform 1.0, spurring savings, and encouraging business startups. Questions? Come hear Tax Reform Driver, US Rep Kevin Brady at GLO’s August Luncheon http://glocpas.com/event #TCJA #TaxReform2.0 #GLOCPAS

President Trump: Tax Reform 2.0 May Include Corporate Tax Cut

Tax reform 2.0 may include lowering the corporate tax rate, according to President Donald Trump. Republicans are “thinking about bringing the 21% down to 20,” Trump said on July 1. “Then, for the most part, the rest of it would go right to the middle class.” Corporate Tax Cuts The Tax Cuts and Jobs Act

Tax Cuts 2.0 Moves Forward

House Ways and Means Committee Chairman Kevin Brady, R-Tex., said that a tax reform phase 2.0 outline will likely be unveiled to members this month. The “2.0” draft for tax cuts will likely be unveiled by House Republicans in July and a draft of the tax reform legislative outline is expected to be released in