CECL Explained: What You Need to Know

The Current Expected Credit Loss (CECL) accounting standard, which became effective for all entities on January 1, 2023, provides a new methodology for estimating allowances for credit losses. Under CECL, companies are required to estimate expected credit losses over the life of a loan, rather than recognizing losses only when they occur. To comply with the CECL standard, businesses must have a robust understanding of the methodology and its implications. In this article, I will provide an overview of new accounting standard, including key requirements and implementation considerations.

Traveling for Business This Summer? Here’s What You Can Deduct

For employers and their employees traveling for business this year, there are several considerations to keep in mind. Under the tax law, in order to claim deductions, certain requirements for out-of-town business travel within the United States must be met. The rules apply if the business conducted reasonably requires an overnight stay.

How to Secure a Tax Benefit With the QBI Deduction

The qualified business income (QBI) deduction, authorized by the Tax Cuts and Jobs Act (TCJA), is available to owners of pass-through entities — such as S corporations, partnerships and limited liability companies (LLCs) — as well as self-employed individuals. This article highlights how the QBI deduction works and explains that it’s only available for a limited time, unless Congress takes further legislative action.

Tracking Down Donation Substantiation

To support a charitable deduction, taxpayers need to comply with IRS substantiation requirements. But what if the taxpayer never receives a letter from the charity substantiating a donation? This article explains the rules.

There May Still Be Time to Lower Your 2023 Tax Bill

Taxpayers preparing to file tax returns for 2023 may still have an opportunity to lower their tax bills. Those who are eligible can make tax-deductible contributions to traditional IRAs right up until this year’s April 15 tax-filing deadline, and benefit from the tax savings on their 2023 returns.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty-five years history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

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To learn more about Dannible & McKee, visit us at: www.dmcpas.com.