This past summer President Obama signed into law, a bill that included changes to due dates for certain tax returns. These changes had been proposed by AICPA members who wanted a more logical chronology so that information taxpayers needed to file 1040s or 1120s would be available on time.
Posted in Alerts
Summary
A highlight of the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) is the five-year extension of additional first-year depreciation, or “bonus depreciation,” from 2015 through 2019. Enacted on December 18, 2015, the “PATH Act” retroactively extended 50-percent bonus depreciation to apply to qualified property placed in service in 2015. The enactment came too late for some fiscal year taxpayers that had already filed federal tax returns for tax years beginning in 2014 and ending in 2015, and for taxpayers with a taxable year of less than 12 months beginning and ending in 2015. Consequently, these taxpayers may have failed to claim bonus depreciation on their tax returns for qualifying property placed in service in 2015. Recently, the Internal Revenue Service issued relief guidance in Rev. Proc. 2016-48 to provide affected taxpayers with procedures for claiming, or not claiming, the 50-percent bonus depreciation on such property.Posted in Business Tax
With the 2016 General Election around the corner, it’s a fitting time to take a close look at the issues that will define the manufacturing industry’s long-term health and economic growth. As employers of more than 12 million Americans, manufacturers are uniquely positioned to advocate for policies and initiatives that will spur economic development—and fuel the industry’s comeback. We’re not here to tell you who to vote for, but we do believe manufacturers’ voices need to be heard in this election.
Posted in Manufacturing Industry Insights
The Financial Accounting Standards Board (FASB) released the Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities on Aug. 18, and you can read the full ASU here.
Posted in Not For Profit
Issued August 24, 2016, Rev. Proc. 2016-47 simplifies the process for correcting late rollovers from one tax-qualified retirement account to another. The guidance provides plan administrators and IRA trustees with an additional basis for accepting rollover contributions after the 60-day deadline.
Posted in Individual Tax
Virtually every business owner will tell you it takes more than one person to build up and maintain a profitable business. In fact, it is likely that several “key employees” have contributed to the success of any given operation. However, while a business owner may be careful to make sure that he or she is adequately insured, the need to protect the business against the loss of key employees is often ignored or disregarded, which is a mistake.
Posted in Business Advisory
The “final rule” on overtime pay, long anticipated by the business sector, was issued by the U.S. Department of Labor (DOL) this spring. However, changes in the regulations do not formally take effect until December 1, 2016. Because of that, employers still have time to make the adjustments necessary to be in full compliance.
Posted in Business Advisory
Remember that year-end planning is not just for individuals (see Seven Timely Tax Moves in 2016). In fact, your business operation may benefit from tax moves in 2016 in the wake of several key extensions in the Protecting Americans from Tax Hikes (PATH) Act of 2015. Here are five ideas for small-business owners to consider.
Posted in Tax Planning
Undoubtedly, the national elections will have an impact on personal taxes for years to come. But it is unlikely that a lame-duck Congress will enact changes that will significantly affect tax planning for 2016. Accordingly, here are seven tax moves for individuals to consider at the end of this year.
Posted in Individual Tax
