Category Archives: Announcements

FASB Modifies Not-for-Profit Accounting Standards

January 6, 2017

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14 that will soon affect Not-for-Profit (NFP) entities. This update was established to provide more relevant, useful information to grantors, donors, and other stakeholders of NFP entities. The new standard will take effect for annual financial statements for fiscal years beginning after December 15, 2017, and for interim periods within fiscal years beginning after December 15, 2018. The key provisions of this ASU are included in this article.

Ghosting Exploits the Stolen Identities of the Dead

January 5, 2017

Identity thieves can strike anyone, it seems, including people who’ve passed away. Each year, the identities of millions of deceased individuals are misappropriated to commit a crime called “ghosting.” Criminals use information such as Social Security numbers, previous addresses, birth dates and employment history — often gathered from obituary notices — to get loans, tax refunds, credit cards and more. This article explains.

New Overtime Rules Currently Suspended

December 16, 2016

The new overtime rules have been temporarily suspended. A federal judge in Texas issued a nationwide injunction against an Obama administration regulation expanding the number of workers who would be eligible for time-and-a-half overtime pay.

Valuations Are Critical When Using FLPs to Transfer Wealth

December 15, 2016

Family limited partnerships allow you to transfer assets — such as marketable securities, private business interests and real estate — to the next generation. Limited partner interests may warrant substantial discounts for lack of control and marketability from the fair market value of the partnership’s underlying assets. Here’s a recent case in which an FLP interest was valued at just $14 million, even though the interest’s pro rata share was valued at $61.5 million.

Federal Tax News – November

November 21, 2016

1. What tax changes might be ahead from the new White House?
2. “Nanny tax” threshold stays the same for 2017.
3. IRS reminds taxpayers of its offshore compliance initiatives.
4. Tax fraud scheme traced to India.
5. Casualty loss tax deduction allowed for tornado damage.

New Accelerated W-2 and 1099 Filing Deadline for Employers

November 1, 2016

In a news release, IRS has reminded employers and small businesses of the new January 31 filing deadline for Forms W-2 and Form 1099-MISC reporting non-employee compensation (Box 7).   This change was included in The Protection Americans from Tax Hikes (PATH) Act enacted late last year. This provision will allow the IRS to match […]

Shining the Spotlight on Record Retention

October 31, 2016

Payroll record retention has been made more complicated by the rules of the Affordable Care Act (ACA). Employers must file several informational forms with the IRS, which administers the health insurance coverage required by the law. This article explains current record retention requirements both under the ACA and other laws.

Federal Tax News – October

October 24, 2016

1. New law provides tax break for Olympic athletes.
2. Taxpayer learns unemployment compensation is taxable.
3. Six quick year-end tax planning ideas.
4. Accounting change permission required from IRS.
5. Court finds defaulted retirement plan loan amount was income.