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Tuesday, 17 January 2017

Market Outlook -- January 2017

Written by Frank Germack III, CFA

Economics The U.S. dollar has greatly appreciated since the election. While the run-up has led to generally improved market returns, exporting service and manufacturing companies may get priced out of competitive international projects, or be forced to accept lower prices...

Tuesday, 10 January 2017

Learning from cyber security incidents at institutions

Written by Lisa VanDeWeert, CPA

According to University Business, higher education institutions have been the victims of 539 breaches involving nearly 13 million known records since 2005. With these attacks becoming increasingly sophisticated, it’s more important than ever for institutions to effectively safeguard their personal, intellectual and financial assets.  Let’s review two recent examples that may help protect your institution. Scenario 1: Vendor security A higher education institution faced a recent hacking attempt through internet correspondence...

Michigan public schools and higher education institutions have been waiting for the final IRS ruling regarding the federal tax treatment of the 3 percent Michigan Public School Employees Retirement System (MPSERS) healthcare contribution. The IRS ruling determines whether the 3% contribution is taxable for Federal Insurance Contributions Act (FICA)/Medicare purposes.  In August 2016, the IRS issued a statement to some districts indicating future receipt of refunds from the protective claims filed. The Office of Retirement Services (ORS) tried to get a system-wide answer to the tax questions by filing a Private Letter Ruling (PLR) with the IRS...

Monday, 16 January 2017

Here are the 2016 tax return deadlines you need to know

Written by The Rehmann Team

The Protecting Americans from Tax Hikes (PATH) Act of 2015 changed several tax return due dates. Now that the 2016 tax season is upon us, here are the deadlines that should be on your radar: Business tax 1065 Tax year 2015 and prior Tax year 2016 and forward 15th day, fourth month following year-end; five-month extension 15th day, third month following year-end; six-month extension   Business tax 1120S Tax year 2015 and prior Tax year 2016 and forward 15th day, third month following year-end; six-month extension No change   Business tax 1120 Tax year 2015 and prior Tax year 2016 and forward 15th day, third month following year-end; six-month extension Calendar year-end (12/31): 15th day, fourth month following year-end (4/15); five-month extension (9/15) June 30 year-end (6/30): 15th day, third month following year-end (9/15); seven-month extension All other fiscal year-ends (not 12/31 or 6/30): 15th day, fourth month following year-end; six-month extension   Fiduciary tax 1041 Tax year 2015 and prior Tax year 2016 and forward 15th day, fourth month following year-end; five-month extension Same due date; five-and-a-half-month extension   Individual tax 1040 Tax year 2015 and prior Tax year 2016 and forward April 15; extension to October 15 No change   Business tax 990 Tax year 2015 and prior Business year 2016 and forward 15th day, fifth month; three-month first extension; three-month second extension Same due date; six-month extension (only one extension)   FinCen Report 114 Tax year 2015 and prior Tax year 2016 and forward June 30th; no extension April 15th; six-month extension   For more information or if you have any questions, contact your Rehmann advisor...

Monday, 09 January 2017

COLA amounts for 2017 retirement plans

Written by Thomson Reuters

The IRS recently issued cost-of-living adjustments (or “COLAs”) for 2017. If, like most people, you’re funding a retirement plan, it’s a good idea to take a look at what’s changed and what hasn’t. Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans will remain the same at $18,000. Likewise, contributions to SIMPLEs stay unchanged at $12,500, and contributions to IRAs remain static at $5,500...

Monday, 09 January 2017

2017 Tax calendar

Written by Thomson Reuters

January 17 Individual taxpayers’ final 2016 estimated tax payment is due. January 31 File 2016 Forms W-2 (“Wage and Tax Statement”) with the SSA and provide copies to your employees.  File 2016 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers must file Form 941 (“Employer’s Quarterly Federal Tax Return”) to report Medicare, Social Security and income taxes withheld in the fourth quarter of 2016...

Tuesday, 20 December 2016

Private businesses may get a reprieve from consolidated reporting

Written by Thomson Reuters

Accounting for variable interest entities (VIEs) continues to be a source of frustration for private companies and their accountants. The Private Company Council (PCC) of the Financial Accounting Standards Board (FASB) supports an effort that would carve out private companies from having to follow the complex VIE guidance in the standard for consolidated reporting. Consolidation headaches Private companies have long complained that the VIE guidance in Topic 810, Consolidation, is overly complex and results in different companies in similar situations coming to different accounting conclusions. Others say the guidance leads to consolidated reporting in situations where it’s not warranted, which then forces lenders and creditors to break down balance sheets to understand a private company’s financial position...

As featured in Jackson Magazine The U.S. is on the brink of an inevitable employment crisis: the Baby Boomer generation – comprising nearly 75 million Americans – has begun to retire in large numbers. In 2010, the percentage of retired baby boomers was 10 percent; that figure has nearly doubled today...

Tuesday, 20 December 2016

Will the PCAOB expand the audit report?

Written by Thomson Reuters

After several years of work, the Public Company Accounting Oversight Board (PCAOB) is close to wrapping up a project to expand the auditor’s report to make it more useful for investors. The PCAOB staff is currently drafting a final standard for adoption in the fourth quarter of 2016.  The PCAOB wants to adopt rules requiring public company auditors to provide more information about what they find while scrutinizing a company’s financial statements during an audit. The current auditor’s report is a simple pass-fail model...

Tuesday, 20 December 2016

Market Update -- December 2016

Written by The Rehmann Team

Economics Housing data has shown a meaningful rebound in existing home sales during the last two years, as home resales are close to 5 million, up from 4 million in 2014. While a portion of the housing stock is selling at prices lower than the 2006 peak, many homeowners have paid down balances to yield a positive equity position. While increasing mortgage rates are a headwind, reduced new home construction rates and less speculative housing projects provide some downside protection for home values.U...

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