As those of you who have either read my posts before or know me personally may know, I’m not a big fan of the current American presidential administration. However, I’m someone who truly dislikes when people cannot seem to acknowledge when even those politicians they despise or disagree with consistently do something right. Today, and over the past week or so, the Trump administration has done something quite good, and has done it far better than the Obama administration had in a very similar situation. What, you may ask, has the Trump administration done so well?Read More »
When there is a major advance in civil rights for a minority group that has been widely discriminated against, do people have the right to dissent with the new standard? Should individuals and businesses be treated the same with respect to the fundamental rights protected by our Constitution? Are artists, artisans, and other craftsmen exercising their free speech rights when they create custom works for paying clients in the normal course of business? Where does society draw the line when it comes to sincerely-held religious beliefs? And how, if at all, is racial discrimination different than discrimination based on sexual orientation? All of these critically important societal questions are deeply integrated in one of the most widely discussed and anticipated Supreme Court cases of this term, Masterpiece Cakeshop, Ltd. v. Colorado Civil Rights Commission.
In all of the (deserved) fuss about the recently-passed Senate tax bill, an important development in American foreign relations and global geopolitics just may get lost in the shuffle. That critical change? Read More »
As you may know, the Republican leadership along with the Trump administration have recently put out the general outlines of their planned tax reform package, which will focus on lowering rates for businesses and individuals, as well as incentivizing business growth and investment through a number of different mechanics, including ‘loophole’ reduction and alteration of some tax treatments. I will have far more to say with respect to this plan as it moves through Congress, but this article is only focused on one specific proposal within the basic GOP plan that is not getting a lot of coverage outside of the business-oriented press (and not even much there). The proposal is known as ‘full expensing’ and allows businesses to treat investments in physical property, intellectual property, and other long-lived assets as expenses that only last one year versus the current treatment which maintains that those expenses must be spread out over multiple years (this is known as ‘depreciation’). Why focus on this seemingly minor proposed change, when there are big rate changes and other important proposals within the plan? As a former auditor and licensed CPA with plenty of experience in reviewing financial statements of large public companies, as well as smaller private firms, I see this proposal, said to boost growth by its backers in the Republican party, as one that will throw the accounting system and financial statements into a world of chaos.Read More »