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.

Get Ready Businesses: Some Filing Due Dates Are Changing

December 27, 2016

Upcoming due dates for some business tax returns are changing due to legislation passed last year. In addition, the filing deadlines for Forms 1099-MISC and W-2 are also changing in 2017. This means you’ll have to submit information to the IRS earlier than in the past. This article explains what the new deadlines are and how your business can comply with them.

Federal Tax News – December

December 27, 2016

1. Standard mileage rates decrease for 2017.
2. New law creates a new type of HRA.
3. Gamblers couldn’t deduct losses.
4. Taxpayers denied child tax breaks.
5. Get ready to file your tax return in 2017.

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.

Year-End Tax Strategies for Small Businesses

December 12, 2016

Are you looking for last-minute strategies to help lower the 2016 tax bill for your small business? Here are some effective tax-saving moves, based on current tax law, that may be worthwhile. Strategies include timing income and deductible expenses, buying vehicles and equipment, selling qualified small business corporation stock, and taking advantage of net operating losses.

Howe, Riley & Howe’s Court Klein and Frank Saglio featured speakers for Alpha Loft’s December 13 Launch Series

November 29, 2016

Accounting pros to discuss “How to win at accounting and tax matters for startups” Manchester and Portsmouth, New Hampshire – Court Klein and Frank Saglio, both CPAs from Howe, Riley & Howe, will headline Alpha Loft’s next Launch Series event and share insights about accounting and tax matters for startups. The event is from 5:30 […]