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Major changes ahead for not-for-profit financial statements On August 18, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-14: Presentation of Financial Statements of Not-for-Profit Entities. This pronouncement is the result of the first of two phases of the FASB’s project to improve the not-for-profit financial statement presentation and the understandability of not-for-profit financial performance. The new guidance is the first major change to not-for-profit reporting since the mid-1990s. Changes under this standard impact: Net asset classification Classification and disclosure of underwater endowments Gifts for capital assets Operating cash flows Operating measure disclosures Investment expereturnnses Expenses by nature and function The liquidity and availability of an organization’s resources The ASU is effective for financial statements with fiscal years beginning after December 15, 2017, and for interim financial statements for periods after that date...

Toledo businesses and residents gained access to a broader range of financial services and a deeper bench of experienced advisors on September 1 when Rehmann combined with Sobb Roberts. A CPA firm that's been supporting Toledo clients since 1993, Sobb Roberts offers an array of services, including tax, audit and consulting. That portfolio is set to grow notably with Rehmann's own accounting services added to the mix, as well as its wealth management and corporate investigation offerings. "Expanding our presence in Ohio — Toledo especially — is important to us," said Rehmann CEO Randy Rupp, CPA...

On April 4, 2016, the IRS issued proposed regulations under Section 385 (“Proposed Regulations”). The Proposed Regulations are focused on whether purported debtinstruments between related corporations should be treated as stock, debt, or a mixture of the two. The Proposed Regulations were drafted to limit the effectiveness of certain types of tax planning strategies that typically utilized related party debt such as inversions. To accomplish this goal, the Proposed Regulations will characterize certain related party financings as equity, even if they are in the form of debt...

Rehmann has been named to the Accounting MOVE Project's "Best Public Accounting Firms for Women" list for the fourth consecutive year. The list, released by the Accounting & Financial Women's Alliance, recognizes firms that provide: Consistent, measurable progress in advancing women. Proven and continually evolving programs that retain and advance women. Evidence that the firm's advancement of women is intrinsic to its growth and succession goals...

On June 16, the FASB released the Current Expected Credit Loss (CECL) standard. This much-anticipated guidance significantly impacts how a financial institution accounts for credit losses, primarily impacting the Allowance for Loan Losses. "Even though the CECL standard is not effective for several years, its impact will be notable," said Rehmann Principal Heidi Cieslik. "We're recommending financial institutions begin preparing for the transition now...

Rehmann’s own Brett Nesbit stars in the latest edition of the Naples Daily News’ “Minding Your Money” video segment. In just three minutes, he delivers a great deal of business wisdom about succession planning. While each succession plan will include unique elements, Brett runs through key issues to consider, including: Why precision — and plenty of time — is essential to the success planning process The three things a business must be able to demonstrate in order to enhance its value What level of tax liability a business owner can expect … and more It’s a great introduction to an important topic. Please share it with clients, prospects and referral sources...

Rehmann hosted the first annual 2016 Indian River State College Culinary Student Chef Challenge on Monday, May 9, at Quail Valley River Club in Vero Beach, Florida. Four Indian River State College culinary students competed for the champion title. The teams included: Team Austin: Austin Miller (student chef) and Peter DieBenedet (assistant) Team Jacob: Jacob Geib (student chef) and Reese Horstman (assistant) Team Kaitlyn: Kaitlyn Sullivan (student chef) and Zackary Lachowksi (assistant) Team Sarah: Sarah Wills (student chef) and Joanna Donley (assistant) Each student was charged with preparing a signature dish and a “mystery basket” dish. The 50 guests served as judges, scoring the challenge based on appearance, creativity, texture and taste...

On May 18, the Department of Labor updated overtime rules for 4.2 million Americans, making them eligible to receive overtime pay under federal law. Prior to the new rules, workers who earned $23,660 or less per year were guaranteed overtime pay. Effective December 1, 2016, the threshold will be raised to $47,476 per year and, according to the new rules, this will be updated automatically every three years...

On May 16, the House, by voice vote, approved H.R. 3832, the “Stolen Identity Refund Fraud Prevention Act,” which would help prevent tax-related identity theft and tax fraud. The bill would modify due dates for certain information filing returns, centralize the point of contact for identity theft victims, allow for a taxpayer to be notified of both unauthorized use of his identity and any criminal charges relating to such use, and extend IRS's authority to require truncated Social Security numbers on a Form W-2...

As a Sponsor of the Great Lakes Ag-Tech Business Incubator, Rehmann is excited to announce the launch of the new Great Lakes Ag-Tech Business Incubator website. It is now live and located at www.agtechincubator.com...

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