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2019’s Big tax hit, and how to survive it

October 16, 2019 Article 5 mins read
Authors:
Kurt Piwko
Recent changes in accounting and tax rules are creating a new set of potential tax problems for businesses that could take years to resolve. Are you prepared? Here are four steps that could help via Industry Week.
Two business men sitting and discussing a reportA combination of recent changes in accounting and tax rules has created some potentially nasty traps that many companies risk falling into by the end of 2019.

The problems revolve around the tricky area of revenue recognition and the disconnect that these changes have created between accounting standards and tax rules. Many companies don’t realize the importance of recent book revenue recognition changes when it comes to taxes and aren’t planning early enough to be prepared for the impact.

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