MENUMENU
  • SERVICES
        • Accounting
        • Your financial statements should show a complete picture of your business, and lay the foundation to help you create a strategy for the future.
          READ MORE>

        • Tax
        • Tax returns prepared to ensure we minimize your liability and keep more of your earnings over the long term.
          READ MORE>

        • Business Advisory
        • From proper entity selection at the inception of a business to developing an exit strategy, we are here to guide you in making informed decisions that are goal driven and take into consideration the materiality of your financial situation.
          READ MORE>

        • QuickBooks
        • We maximize your QuickBooks investment by customizing the software to meet your specific needs and industry best practices.
          READ MORE>

        • Litigation Support
        • We employ strong analytical and communication skills to produce evidence that supports your position in cases of a dispute or negotiation.
          READ MORE>

        • M&A Advisory
        • Whether you are selling, acquiring or expanding, we are well equipped to ensure you respond to opportunities swiftly and with confidence.
          READ MORE>

        • SJG
  • INDUSTRIES
        • Manufacturing & Distribution
        • Success in manufacturing and distribution hinges on your ability to manage numerous details with accuracy and foresight into how they impact current and future operations.
          READ MORE>

        • Consulting Services
        • You focus on your core competencies, customer service and strategy and we’ll keep you from getting caught off-guard by daily financial tasks or overwhelmed by growth.
          READ MORE>

        • Medical
        • Patient care is your primary concern. Providing the best clinical experience for your patients continues to get more difficult and costly. Delivery models are changing from fee for service to quality based.
          READ MORE>

        • Legal
        • Running a legal firm is a balancing act with high stakes. Your reputation hinges on your ability to support clients with responsiveness and accuracy.
          READ MORE>

        • Real Estate
        • Real estate is characterized by large material gains and losses. Every transaction has the potential to impact your accounting and tax situation.
          READ MORE>

        • Technology
        • Perhaps more than any other industry, technology companies must have an infrastructure built to scale. A culture of continuous iteration requires an ability to account for a fluctuating profit margin.
          READ MORE>

        • Professional Services
        • With a consultative, integrated approach to accounting, tax and consulting services for businesses and individuals, we work hand in hand with you to achieve your goals.
          READ MORE>

        • SJG
  • ABOUT
  • NEWS
  • CAREERS
  • CONTACT

SJG Blog

A Recap of the 2018 Southeastern Accounting Show (SEAS)

Southeaster Accounting Show

Just last week Stacey joined her peers at the Southeast’s Premier Annual CPE (Continued Professional Education) Event Sponsored by the GSCPA. The event consisted of two full days and six educational tracks with courses spanning:

Keynote-Economic Update

  • Accounting & Auditing – Public Accounting
  • Accounting & Auditing – Industry
  • Business & Industry
  • Taxation
  • Technology

As usual, the event was packed full of excellent speakers and educational opportunities. Here are Stacey’s highlights from the courses she attended:

Reinforced the good economic indicators and trends and further supported/predicted no recession expected 2018-2019. Reduction in federal tax rates and Georgia tax rate reduction from 6% to 5.75% then 5.5% and the expansion of businesses ability to expense asset additions were all seen as positive and contributing factors to continued business growth and economic confidence.

Individual Tax Update and Planning

Included a preview of “draft” Individual tax forms not previously widely seen, which included Statements 1-8. We expect most of our clients will be required to complete and file, at least several of these, in addition to the Form 1040 pages 1 and 2. Session also included a discussion of favorable changes to the AMT.

Corporate Tax Update and Planning

In addition to the big changes and complicated calculations for Flow-Through entities, new partnership “audit program” will require CPAs to ask partnerships to answer additional questions when completing tax returns this upcoming tax season. Changes in NOL (net operating loss) carry-forward/back rules and interest expense deduction limitations are just some of what we expect to be common scenarios that we will be required to navigate through with the new tax laws effective this upcoming tax season.

Georgia’s Film Tax Credit Update

While state tax credits continue to be popular tax minimization vehicles and the supply is currently greater than ever, the industry is mindful of potential changes is legislation.

Section 199A Deduction aka Pass-thru 20% Qualified Business Income Deduction

Big changes and complicated calculations for Flow-Through entities. Clarification on Qualified Businesses eligible for 20% Deduction and which “service” businesses are not eligible.

Key take-aways from the 2018 SEAS:

Tax preparation and minimization will be more complicated and take more time in the upcoming year. It will be incredibly challenging with the largest changes in law, forms and application of more informational reporting requirements for CPAs and businesses in more than 30 years.

These changes will require additional communication with clients to review tax preparation changes and suggestions, which GSCPA views as a huge opportunity for preparers who are poised to be informed advisors.

Although the promised “postcard” tax return was initially seen as an early indicator that the future of the accounting industry might be at risk, clearly the added complexities in the code elsewhere ensure the job stability and necessity of Certified Public Accountants.

Share This:

Facebook
Google+
Twitter
LinkedIn

Suscribe to Our Newsletter

Recent Posts