The purpose of this tax article is to draw your attention to a potential filing requirement with respect to Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts” (“FBAR”), which must be filed by June 30, 2013. As this is an informational report and not directly connected to income taxes, your service provider would not generally prepare this form as part of the tax return preparation. Nevertheless, Armanino would like to inform you of this important filing obligation that may apply to you.
The American Institute of Certified Public Accountants (AICPA) has announced a new option for small business financial reporting. The “Financial Reporting Framework for Small- and Medium-Sized Entities” (SME framework) is intended to ease reporting for smaller, privately held, owner-managed businesses that aren’t required to abide by Generally Accepted Accounting Principles (GAAP). The framework is intended to help these businesses clearly and concisely report what they own, what they owe and their cash flow.
If your business has not evaluated its potential costs related to the employer health care mandate (effective January 1, 2014), do not delay any longer. Planning in this area is critical so that informed decisions with respect to health care coverage can be made. Armanino’s team of health care consultants can help guide you through the process. This article discusses highlights of the employer mandate.
On Friday, March 1, President Obama signed an order required by law to set into motion the automatic federal government spending cuts known as the “sequester.” The cuts, affecting both defense and nondefense programs, could have sweeping effects across a variety of government services, although several key programs are exempt. This article examines how the sequester came into effect and reviews its defense and nondefense cuts
The Financial Accounting Standards Board (FASB) recently issued guidance clarifying the applicability to nonpublic entities of a certain disclosure requirement regarding the fair value of assets and liabilities. The guidance, found in Accounting Standards Update (ASU) No. 2013-03, Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities, takes effect immediately. It directly affects private companies that have total assets of $100 million or more — or one or more derivative instruments — and the preparation of their 2012 financial statements.
In 2011, the IRS launched the Voluntary Classification Settlement Program (VCSP) that allows eligible employers to voluntarily reclassify workers as employees, rather than independent contractors, for future tax periods. In exchange, the employers’ liability for past payroll tax obligations is slashed to only a minimal payment. The program is intended to increase tax compliance and reduce the tax and administrative burdens on employers with misclassified workers.
The Financial Accounting Standards Board (FASB) recently issued guidance clarifying which types of transactions will be subject to enhanced disclosure requirements for companies that offset assets and liabilities on their financial statements. The guidance, found in Accounting Standards Update (ASU) 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, narrows the scope of offsets that will require balance sheet disclosures and should quell concerns raised after FASB issued the requirements in late 2011.
The American Taxpayer Relief Act of 2012 (ATRA) was signed into law on Jan. 2, 2013. In addition to preserving lower income tax rates for most individual taxpayers and making many other income and estate tax law changes, the act extended a number of business tax breaks, in some cases retroactively to the beginning of 2012.
Recently, the IRS issued proposed regulations regarding the new 3.8% net investment income tax (NIIT, also known as the Medicare contribution tax) that was created by the Health Care and Education Reconciliation Act of 2010 and takes effect Jan. 1, 2013. The IRS also released answers to frequently asked questions (FAQs) concerning the new tax. Taxpayers may rely on the proposed regulations until final regulations are published.
The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the fourth in a series of deadline extensions for certain required filings in relation to foreign assets. FinCEN Notice 2012-2 extends the filing date for some filers of Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts (FBAR),” from June 30, 2013, to June 30, 2014.