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Tuesday, 20 November 2018

Are you considering ALL the moving parts of your financial strategy?

Written by Jeff Brogley, CPA, MT and Doug Kelly, CPA

For many people, we have officially made it to the best time of the year: fall weather, tailgating with friends, and of course, football season. Although it officially kicks off in September, a successful season involves a year-round commitment to prep work—training camps, analyzing the game tape, developing the playbook and getting the right players in place. As a fan, you admire the success of a big play, but also the relationship of the team. With an eye on the prize, they work together to get the right player in the game, coordinate the next play, and not only work together to move down the field but back up all the hard work with diligent defense once the points are on the board...

Thursday, 15 November 2018

Taxable vs. tax-advantaged: Where to hold investments

Written by Thomson Reuters

When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts. Know the rules Some investments, such as fast-growing stocks, can generate substantial capital gains, which may occur when you sell a security for more than you paid for it. If you’ve owned that position for over a year, you face long-term gains, taxed at a maximum rate of 20%...

Wednesday, 14 November 2018

Narrow scope project reflects changing distribution methods

Written by Thomson Reuters

On October 10, the Financial Accounting Standards Board (FASB) agreed to release for public comment a proposal from its Emerging Issues Task Force (EITF) to align the accounting for the production costs of TV shows with that for the costs of movies. The difference in the accounting for the costs of the two forms of content is based on guidance developed in the 1990s, when television shows primarily made money from being syndicated in reruns. The EITF says that that guidance is less relevant in an era of streaming content on the Internet.  What’s changing?..

Wednesday, 14 November 2018

Are you ready for the changes to the auditor’s report?

Written by Thomson Reuters

The Securities and Exchange Commission (SEC) will soon require auditors to issue expanded reports for public companies. Large accelerated filers will see changes to their auditor’s report for fiscal year 2019. Smaller publicly traded entities will have to wait an extra year. Although private companies aren’t subject to the SEC requirements, some larger ones might ask their auditors to voluntarily issue an updated auditor’s report for fiscal year 2019 or 2020, in case they decide to go public or merge with a public company in the future...

Friday, 09 November 2018

Tax Reform for Non-Profits

Written by Jeff Hert, CPA

Answered and Unanswered Questions Social club dues deductibility – The 2017 Tax Bill amended IRC Section 274 to disallow expenses paid on behalf of employees for membership dues for any club organized for business, recreation, pleasure or social purposes. The amount paid by the non-profit on behalf of an employee should either be added to their W-2 as taxable compensation or picked up as unrelated business income (UBI) on Form 990T. Meals and Entertainment deductibility – there is no change for tax-exempt organizations and the deductibility of meals. However, IRC Section 274 has been amended to say that entertainment expenses are completely non-deductible, whether they relate to taxpayer’s business with certain exceptions...

Thursday, 01 November 2018

How should ALEs report coverage of family members who elect COBRA separately?

Written by Thomson Reuters

Question: Our company, an applicable large employer (ALE) under the Affordable Care Act, sponsors a self-insured health plan. As an ALE, how should we report coverage of family members who elect COBRA separately from the departing employees? Answer: An employer that sponsors a self-insured group health plan is obligated under Internal Revenue Code Section 6055 to report coverage information for all enrollees in the health plan, including nonemployees (such as COBRA beneficiaries). COBRA-qualified beneficiaries may include the spouse (or former spouse) and dependents of a current or former employee...

Thursday, 01 November 2018

IRS releases final 2018 Forms 1094 and 1095

Written by Thomson Reuters

The IRS has released draft Forms 1094/1095-B (B Forms) and Forms 1094/1095-C (C Forms), and related instructions, for the 2018 tax year. If your organization is considered an applicable large employer (ALE) under the Affordable Care Act, it’s important to stay up to speed on the details. B vs. C As you may recall, the B Forms are filed by minimum essential coverage providers (mostly insurers and government-sponsored programs, but also some self-insuring employers and others) to report coverage information in accordance with Internal Revenue Code (IRC) Section 6055...

Thursday, 01 November 2018

HDHPs with HSAs: Growth slows but changes may be ahead

Written by Thomson Reuters

Coupling a high-deductible health plan (HDHP) with a Health Savings Account (HSA) has been a popular approach for many employers in the wake of the Affordable Care Act. Approximately 20 million Americans are enrolled in plans following the HDHP+HSA model, according to various estimates. But recent studies show that its growth appears to be tapering off somewhat, even as efforts are underway in Congress to ramp it up again. Cadillac tax The slow growth is a bit of a surprise...

Thursday, 01 November 2018

Now’s the time to organize your tax records

Written by Thomson Reuters

The period between filing last year’s tax return and this year’s return is the perfect time to organize your tax records. Granted, it may not be something you relish doing, but tackling this now can save you a multitude of headaches later. Tax law rules Generally, you should keep tax-related records as long as the IRS has the ability to audit your return or assess additional taxes — in other words, until the statute of limitations expires. That means three years after you file your return or, if later, three years after the tax return’s original due date...

Thursday, 01 November 2018

State tax implications of buying a business in Michigan

Written by Michael Bannasch, CPA, MST

The process of buying a business can be a very hectic and trying time. You have many aspects that you are working on – from agreeing with the seller on a price, to working on retaining key employees, to determining the best way to announce the transaction to the public. While you are pulled in many directions at once, there is one aspect of the purchase that often doesn’t receive the attention it deserves – the state and local tax transition from the seller to the buyer. This article focuses on the specifics of ensuring a smooth transition of state and local taxes for a business purchase in Michigan...

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