2015 News Archive
 

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GWSCPA News

IRS extends health care information return due dates

The IRS announced extended due dates for information returns required to be filed under Secs. 6055 and 6056 under the Patient Protection and Affordable Care Act, P.L. 111-148 (Notice 2016-4). The due date to send individuals the 2015 Form 1095-B,...

Clinton Says January Tax Proposals Will 'Go Beyond' Buffett Rule

(Bloomberg) Democratic presidential front-runner Hillary Clinton will unveil proposals this month that will “go beyond the Buffett Rule” to raise the effective tax rates paid by the wealthiest Americans, she said Saturday. “As...

Private company alternatives to become more accessible

Private company financial reporting alternatives will become more accessible under a Private Company Council (PCC) decision endorsed by FASB in December. FASB endorsed the PCC’s consensus to remove the effective dates from four GAAP...

FASB Releases 2016 GAAP Financial Reporting Taxonomy

The Financial Accounting Standards Board has made available the 2016 GAAP Financial Reporting Taxonomy, pending final acceptance by the U.S. Securities and Exchange Commission. The GAAP Financial Reporting Taxonomy is a list of computer-readable...

House Passes Tax Extenders Package

The House has approved tax extenders legislation that makes a number of the periodically expiring tax breaks into permanent features of the tax code. Among the provisions that would be made permanent are the enhanced Child Tax Credit, the...

PCAOB approves rule for naming audit engagement partner

The name of the engagement partner in an audit of a public company will be disclosed on new Form AP, Auditor Reporting of Certain Audit Participants, as a result of a new rule approved Tuesday by the PCAOB. Form AP also will require disclosure of...

GASB provides assistance on pension accounting issue

GASB issued new accounting and financial reporting guidance Friday to assist certain state and local governments that are having trouble obtaining measurements and data points to comply with the board’s new pension standard. Governments...

The Worst Tax Penalties and How to Help Your Clients Avoid Them

A question I continually hear from my clients is, “How do I pay less tax?” But as you know, there is no simple answer to this question. While tax reduction strategies do exist, they are limited for the majority of taxpayers−and they...

Explaining Year-End Tax Forms and Reporting Requirements

Paychecks and taxes go hand in hand, but for small or mid-sized businesses, navigating the latest tax reporting changes and avoiding filing errors is not always straightforward. Now is the time to start thinking about recent tax changes and how...

Rallying Against the Cadillac Tax

Companies, unions, and politicians on both sides of the aisle seek to repeal the coming excise tax on high-cost health plans. For all their differences, Hillary Clinton, Paul Ryan, and Bernie Sanders agree on one thing: the “ Cadillac tax...