Accounting, Audit and Tax

Section 385 Debt-Equity Regulations Finalized - Possible Impact on Businesses

Posted in Accounting, Audit and Tax | Tax | Federal Tax | State & Local Tax | Government on December 7, 2016

While the primary target might have initially been large multinational companies, the proposed regulations met wide-spread criticism for their severe impact on businesses of all sizes.  Now, the final regulations under Section 385 have been issued, with a scaled back scope in an attempt to alleviate some of the affects on businesses. Guidance on the Significance of the New RegulationsThe IRS ... [More]

Are You Ready? … Private-sector Employers (in Illinois) are Facing a Retirement Plan Mandate Effective June 1, 2017 – What This Means for You

Posted in Accounting, Audit and Tax | Retirement Plan Services | Retirement Planning on November 29, 2016

The mandate requires that all private and not-for profit employers with over 25 employees, have been in business for at least two years, and do not sponsor a retirement plan (for example, a 401(k) plan) for their employees, will be subject to automatic enrollment – a 3% payroll deduction for employees over the age of 18 into a ROTH IRA account.  Assets in the plan grow tax free, and ded... [More]

New ACA Reporting Due Dates Provide Temporary Relief for NFPs, Public and Private Entities

Posted in Accounting, Audit and Tax | Employee Benefit Plan Audit | Not-for-Profit on November 29, 2016

Here is an important alert on the extension of ACA due dates for 2016 reporting requirements applicable to employers, health insurers and other coverage providers - specific to furnishing statements and good-faith transition relief reporting. [More]

Post-Election Fallout - Expected Tax Changes for 2017

Posted in Accounting, Audit and Tax | Tax | Federal Tax | Personal Tax | Government on November 11, 2016

The 2016 elections are over, and the results have surprised many pundits, pollsters, financial markets, etc.  Donald Trump was elected as President, and the Republicans maintained control of Congress with slight losses in each chamber.  Setting aside the politics of the campaign and the elections, what are the prospects for possible tax legislation next year?  Outlook for 2017 Tax C... [More]

Critical Moves Construction Companies Should Make Now: 2016 Year-End Tax Planning for Optimum Savings and Financial Security

Posted in Accounting, Audit and Tax | Tax | Construction on November 8, 2016

As the year comes to a close, it’s time to think about year-end tax planning. [More]

Proposed Changes, Clarifications and Additions to Deferred Compensation Agreements Under IRC Section 409A

Posted in Accounting, Audit and Tax | Tax on November 8, 2016

Effective Immediately: Risks of 409A Penalties Exist for Taxpayers Not in Compliance with Proposed Regulations [More]

Important Changes in Tax Return Due Dates for 2016

Posted in Accounting, Audit and Tax | Tax | Federal Tax | International Tax on October 25, 2016

Tax return due dates, filing extensions and some of the common tax forms have been affected by the recent changes for tax year 2016 filings. [More]

Tax Alert! Last Chance for the Illinois EDGE Tax Credit - Application Deadline is November 10, 2016

Posted in Accounting, Audit and Tax | Tax | State & Local Tax on October 5, 2016

With the Economic Development for a Growing Economy (EDGE) Tax Credit set to expire on December 31, 2016, the Illinois Department of Commerce and Economic Opportunity (DCEO) is advising companies with pending EDGE Tax Credit projects to submit their applications by November 10th. [More]

The New Overtime Ruling and Implementation Considerations for NFPs

Posted in Accounting, Audit and Tax | Not-for-Profit on September 16, 2016

With an effective date of December 1, 2016, the new and final overtime ruling issued by the Department of Labor (DOL) leaves organizations with merely a few months to prepare for the impact of this revision to the rules and to develop a plan to address them. [More]

Change is Coming: Estate Planning Discounts Could Be Substantially Reduced or Eliminated…Soon

Posted in Accounting, Audit and Tax on September 1, 2016

The IRS has issued proposed regulations that would dramatically reduce valuation discounts used in estate planning. Impacted taxpayers are being instructed to consult with advisors now and consider the potential impact of these proposed regulations to their tax situation. [More]

Don’t Miss the Opportunity to Claim the Work Opportunity Tax Credit - Special Transition Relief Expires Soon

Posted in Accounting, Audit and Tax | Manufacturing & Distribution on August 31, 2016

As you may know, the federal Work Opportunity Tax Credit (WOTC) was extended last December by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act of 2015). The WOTC had technically expired as of December 31, 2014, but this recent legislation retroactively extended the WOTC for the period 2015 through 2019. [More]

FASB Issues New Standard to Improve Not-for-Profit Financial Reporting

Posted in Accounting, Audit and Tax | Not-for-Profit on August 23, 2016

On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities (Topic 958). [More]

Are You Missing Out on an Opportunity to Claim the Work Opportunity Tax Credit? Special Transition Relief Expires Soon

Posted in Accounting, Audit and Tax | Construction on August 17, 2016

As you may know, the federal “Work Opportunity Tax Credit” (WOTC) was extended last December by the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act of 2015). The WOTC had technically expired as of December 31, 2014, but this recent legislation retroactively extended the WOTC for the period 2015 through 2019. [More]

Proposed Accounting Standards Update - How NFP General Partners Should Apply the Consolidation Guidance to For-Profit Limited Partnership or Similar Entity

Posted in Accounting, Audit and Tax | Not-for-Profit on August 9, 2016

On August 3, 2016 the FASB Board issued a proposed Accounting Standards Update (ASU) that would amend the consolidation guidance in Subtopic 958-810. [More]

Top 3 Tips for Selecting a CPA Firm

Posted in Accounting, Audit and Tax on July 7, 2016

As the financial landscape continues to evolve, not-for-profit organizations are scrambling to keep up with changing regulations, competitive industry and philanthropic shifts and the impact of political ambiguity on future profitability. [More]



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Disclaimer: This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.