2016 News Archive
 

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Articles

New Tax Law Offers More Benefits to Parents

[The new “extenders law” enacted late in 2015 retains several key tax provisions and makes them permanent with certain modifications. This is the last of a series of articles on these tax breaks.]   It can costs hundreds of thousands...

11 Tips On Employee Expense Reimbursements

"The IRS knows full well how lax a lot of employees are about documenting their expenses--and how often employers let it slide." -- Employee Expense Reimbursements: Compliance Workshop Whenever employment tax specialist Mindy Mayo offers her...

How Accounting Firm Partners Delude Themselves

When you look your firm in the mirror, what do you see? We all know people who have themselves convinced that the way things should be is the way they really are. Some of them, we’ve discovered, are partners at CPA firms. Here are some...

Less Than One Week Left To File W-2s and 1099s

There is a silver lining to the chaos that is tax reporting season this year: filers get an extra day to provide W-2 and 1099-MISC forms. Businesses with employees or anyone who has contracted for more than $600 in work to a freelancer or...

Revenue recognition, lease standards challenge preparers

Important new standards for revenue recognition and leases are causing difficulty for corporate financial statement preparers, a new survey shows. Just 29% of corporate preparers said their companies have a clear plan to implement the new revenue...

Federal reporting entities get alternative method for opening balance valuations -

New guidance for federal government reporting entities issued Wednesday is designed to assist with valuation for opening balances for inventory, operating materials and supplies, and stockpile materials. The Federal Accounting Standards Advisory...

IRS to Revamp Fraud Detection System for New Identity Theft Techniques

The Internal Revenue Service needs to do more work to refine its latest fraud detection system to catch the new schemes that its older system managed to detect, according to a government report. The report, from the Treasury Inspector General for...

FASB proposals address retirement benefit reporting

FASB issued two proposals Tuesday that are designed to address financial reporting issues related to retirement benefits. Proposed Accounting Standards Update (ASU), Compensation—Retirement Benefits (Topic 715): Improving the Presentation...

How Firms Can Optimize Staff Productivity During Tax Season

Based upon your firm’s resources you have an idea of how many returns you can prepare during tax season. To process more, the firm must extend staff hours or file extensions. Adding staff hours during busy season is problematic for the firm...

Newly-Permanent Research Tax Credit Opens Opportunities for Businesses of All Sizes

2015 was a great year for the federal Research Tax Credit (RTC): in January 2015, proposed regulations significantly broadened the range of software-development expenditures eligible for the RTC; and in December 2015 the Protecting Americans from...