|
The Importance of Maintaining Adequate Operating Reserves |
|
Maintaining adequate operating reserves is important for nonprofit organizations. In recent years, the significance of maintaining operating reserves at levels adequate for achieving financial stability has become an issue of higher priority for nonprofit leaders. |
|
Read more...
|
|
A Sales/Use Tax Audit May Be in Your Future: Be Prepared For It |
|
Past trends have shown that businesses in California have a 20 percent chance of being selected for a state sales/use tax audit. Large, multinational corporations are accustomed to regular sales/use tax examinations, but now, as states attempt to boost revenue to cover budget shortfalls, smaller companies are also being targeted. |
|
Read more...
|
|
Small Tax-Exempt Organizations Can Benefit from the Patient Protection and Affordable Care Act |
|
On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act. The new law gives small tax-exempt organizations that provide health care coverage to their employees eligibility for a refundable federal tax credit beginning with their 2010 Form 990. The credit increases from 25% to 35% in 2014. |
|
Read more...
|
|
Many RIAs Must Start Complying with Two Tough New SEC Custody Requirements |
|
Late last year, the U.S. Securities and Exchange Commission (SEC) amended its custody rule — Rule 206(4)-2 under the Investment Advisers Act — to help safeguard investor assets. Now it’s time for certain SEC-registered investment advisers (RIAs) to start taking steps to ensure they comply with two of its requirements. |
|
Read more...
|
|
The Milestone Method: FASB Issues Revenue-Recognition Guidance for Research or Development Vendors |
|
The Financial Accounting Standards Board (FASB) recently released Accounting Standards Update (ASU) 2010-17, Revenue Recognition — Milestone Method (Topic 605): Milestone Method of Revenue Recognition (a consensus of the FASB Emerging Issues Task Force). The ASU amends the FASB Accounting Standards Codification (ASC) to provide guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions, as well as the associated disclosure requirements. |
|
Read more...
|
|
IRS Issues Guidance on Tax Treatment of Health Coverage for Adult Children |
|
A little more than a month after President Obama signed the Patient Protection and Affordable Care Act (PPACA) into law, the IRS has released guidance on provisions related to the tax treatment of employer-provided health coverage for adult children. |
|
Read more...
|
|
Practical Implications of IRS Announcement 2010-9 |
|
The IRS recently released the draft schedule and instructions for reporting uncertain tax positions. The new Uncertain Tax Position Statement (“Schedule UTP”) generally would require a corporation with assets of at least $10 million to disclose to the IRS the company’s FIN 48 and other tax reserves. |
|
Read more...
|
|
How Health Care Reform will Affect Your Tax Bill |
|
On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act, representing a sweeping overhaul of the U.S. health care system. The act expands individuals’ access to health coverage and includes tax provisions affecting individuals and businesses. Here’s an overview of the 2,400-page act and its major tax-related provisions. |
|
Read more...
|
|
Fraud May Come From Those You Least Suspect |
|
It’s no big secret, times are tough all over. Unemployment rates are holding at all time highs, there are record declines in property values as well as a multitude of short sells and foreclosures; even layoff announcements are still appearing more than anyone would hope. With all of the pressures of the “great recession” there is a noticeable increase in the burden this puts on families, especially those who are now reluctantly appointed to the role of sole contributor. |
|
Read more...
|
|
Top 8 Best Practices for New SEC Regulation Surrounding Risk Oversight |
|
There has been increasing discussion in the past few years around the Board of Directors involvement in risk management. |
|
Read more...
|
|
FASB Reworks Subsequent Events Guidance |
|
On February 24, 2010, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2010-09, Subsequent Events — Amendments to Certain Recognition and Disclosure Requirements. The ASU clarifies the requirements that apply to SEC filers, conduit debt obligors and other entities in relation to evaluating events or transactions that occur after the balance-sheet date but before financial statements are issued or available to be issued. |
|
Read more...
|
|
Will the HIRE Act Benefit Your Business? |
|
On March 18, 2010, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) act. The act provides tax incentives that will help many companies hire more workers and purchase more equipment — and, ultimately, grow their businesses as the economy recovers. Here’s an overview of the act that will help you determine whether your business might benefit. |
|
Read more...
|
|
IRS Investigations of Nonprofit Hospitals and Other Tax-Exempt Organizations to Increase |
Employment Tax Practices Under the Microscope
Federal tax authorities in February 2010 launched an initiative to expand its scrutiny of the employment tax practices of nonprofit hospitals and other tax-exempt organizations, and Armanino McKenna experts say the initiative is only the first salvo in a campaign likely to lead to additional investigations and reviews. |
|
Read more...
|
|
FASB Expands Fair Value Disclosures |
|
On January 21, 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2010-06, Improving Disclosures about Fair Value Measurements. The ASU reports on new disclosure requirements — and clarifications of existing requirements — under Accounting Standards Codification (ASC) Subtopic 820-10 (originally issued as FAS 157). |
|
Read more...
|
|
Laws of Unintended Consequences: Section 2511(c) and the Uncertain State of the Estate Tax |
|
It’s been almost nine years since the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) called for the federal estate tax to be repealed in 2010 — and reinstated in 2011. The one-year repeal was a political compromise required to get the bill passed, so most observers assumed that Congress would intervene either to extend the tax or to make the repeal permanent. But 2009 came and went with no new estate tax legislation. |
|
Read more...
|
|
To help ensure you don’t miss any important 2010 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review it and let us know if you have any questions about the deadlines or would like assistance in meeting them. |
|
Read more...
|
|
Donating to Haiti Relief Efforts? You may be Eligible for a 2009 Tax Deduction |
|
On January 20, the House of Representatives passed legislation permitting taxpayers to deduct certain 2010 charitable contributions for Haiti disaster relief on their 2009 tax returns, rather than on their 2010 returns, effectively accelerating their deduction. Senate passage quickly followed on January 21, and President Obama signed the bill into law on January 22. |
|
Read more...
|
|
FASB Codifies New Rules for Consolidation of VIEs |
|
With its recent Accounting Standards Update (ASU) 2009-17, Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities, the Financial Accounting Standards Board (FASB) has codified significant changes to the analysis required when determining whether a company must consolidate variable interest entities (VIEs) — including special purpose entities — on its financial statement. The revisions could change a company’s assessment of which entities it’s involved with qualify as VIEs it must consolidate. |
|
Read more...
|
|
FASB to Change Accounting for Leases |
|
The lease accounting rules are likely to significantly change in the coming years. Current lease accounting standards have come under criticism for not meeting the needs of users of financial statements. |
|
Read more...
|
|
IRS Guidance Clarifies How to Claim NOL Carrybacks under the Latest Extension and Expansion of this |
|
One of the provisions of the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA), signed into law in November, 2009, allows businesses of all sizes to elect to carry back a net operating loss (NOL) for 2008 or 2009 (and, in some cases, for both years) up to five years. Previously, this extended carryback period was available only to eligible small businesses (ESBs) and only for 2008 NOLs. |
|
Read more...
|
|
2009 Year-end Tax Planning May Require Different Strategies |
|
In the current economy, many businesses and individuals are experiencing cash flow challenges. So minimizing, or at least deferring, taxes is especially important this year. |
|
Read more...
|
|
Low Inflation Adds Up To Meager Cost-Of-Living Adjustments for 2010 Tax Brackets and Breaks |
|
On October 15, 2009, the IRS released various rates, limits and other inflation-indexed amounts for 2010. Not surprisingly, given low inflation (deflation in some cases), many amounts will be the same for 2010 as they are in 2009. Those that are increasing are doing so by only small increments.
|
|
Read more...
|
|
Federal Government Launches Initiatives to Spur Retirement Savings |
|
On September 5, 2009, the Obama administration announced several new initiatives intended to make it easier for employees to save for their retirement. Under the initiatives, the Department of Treasury will expand opportunities for automatic contributions to retirement plans, allow employees to convert their unused vacation or similar leave into retirement savings and help employees and employers better understand the tax-favored options for retirement savings when employees change jobs. |
|
Read more...
|
|
Businesses Experiencing Operating Losses Now Have More Tax-Saving Options |
|
On November 6, 2009, President Obama signed into law the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA). In addition to extending unemployment benefits for millions of Americans and enhancing the homebuyers credit, the act extends and expands a popular tax break for businesses: the five-year net operating loss (NOL) carryback election. |
|
Read more...
|
|
Unemployment Benefits Act Also Provides More Opportunities For Homebuyers |
|
On November 6, 2009, President Obama signed into law the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA). In addition to extending unemployment benefits for millions of Americans and enhancing net operating loss tax breaks for businesses, the act extends, expands and enhances a popular tax break: the first-time homebuyer credit. |
|
Read more...
|
|
Uncertain tax position disclosures: FASB provides nonpublic entities some guidance and some relief |
|
On September 2, 2009, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2009-06, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities. |
|
Read more...
|
|
FASB Implements the New Codification of Accounting Standards |
|
Your company’s financial statements are being held to a new standard, and it’s a standard that you may not know about. |
|
Read more...
|
|
Measuring Liabilities at Fair Value |
|
On Aug. 27, 2009, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2009-05, Measuring Liabilities at Fair Value. |
|
Read more...
|
|
Five Keys to Success for Your SAS 70 Project |
|
A SAS 70 project requires careful planning, execution and communication between the company and the SAS 70 consultant. |
|
Read more...
|
|
Nonprofits, It’s Time to Re-examine Your Endowment Funds |
|
Changes are now firmly in place for endowment funds. What once was governed by rules of UMIFA (Uniform Management of Institutional Funds Act), are now governed by the newer rules of UPMIFA |
|
Read more...
|
|
Avoid noncompliance penalty; What you need to know about IRC Section 409A |
Thanks to Enron
Remember Enron? Enron executives accelerated the payments under their deferred compensation plans in order to access the money before the company went bankrupt. |
|
Read more...
|
|
Ensuring proper administration of sales/use taxes as an integral part of any corporate tax function |
What is Sales Tax and What is Use Tax?
Sales tax is a tax on the sale at retail of tangible personal property and certain enumerated services. |
|
Read more...
|
|
IRS provides guidance on electing to accelerate research or AMT credits |
|
Corporations with unused research or alternative minimum tax (AMT) credits from pre-2006 tax years have a decision to make: |
|
Read more...
|
|
Think your life insurance proceeds are income tax free? Maybe not, under new rules |
|
One of the key income tax benefits of life insurance policies is that, in general, proceeds received by the beneficiary on the death of the insured are excluded from income for tax purposes. |
|
Read more...
|
|
2009 Federal First-Time Home Buyer Tax Credit |
|
The following questions and answers provide basic information about the tax credit. For additional information, contact
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
or
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
at Armanino McKenna.
|
|
Read more...
|
|
Time Running Out on California Home Tax Credit |
|
The California New Home Tax Credit is available for qualified buyers who, on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date. |
|
Read more...
|
|
Distressed S Corporations: Tax Issues Involved in Restructuring |
|
The recent economic downturn, coupled with the tightening of the credit market, is affecting all types of businesses, including S corporations. A financially distressed S corporation may have to work with its creditors to restructure debt or satisfy indebtedness in various creative ways in order to ease its financial difficulties. |
|
Read more...
|
|
Top 5 Ways for Small Public Companies to Increase SOX Compliance Efficiencies and Cost Effectiveness |
|
This top-five list gives you insight into the experience that accounting and consulting firm Armanino McKenna has gained while performing Sarbanes-Oxley (SOX) compliance services for small public companies. |
|
Read more...
|
|
Contract Audits Can Add Pure Profit to the Bottom Line |
|
Imagine a 16% increase in your bottom line. No, really, go ahead. This is the exact percentage of what some companies have recovered when having contract audits performed. |
|
Read more...
|
|
SEC Calls Time: Are You Ready To Comply With XBRL? |
|
The Securities and Exchange Commission (SEC) has talked about eXtensible Business Reporting Language (XBRL) for years — now it’s finally mandating compliance. |
|
Read more...
|
Why now is an excellent time to give away assets to loved ones
As strange as it may seem, now — in the middle of a deep recession — may be an excellent time for you to make substantial gifts to your loved ones. |
|
Read more...
|
|
IRS Provides Guidance on Claiming Extended NOL Carrybacks |
|
When the American Recovery and Reinvestment Act of 2009 (ARRA) was signed into law in February, it included a provision allowing eligible small businesses (ESBs) to carry back a 2008 net operating loss (NOL) for up to five years. |
|
Read more...
|
|
IRS Provides Guidance on COBRA Premium Assistance |
|
With unemployment at its highest level in more than 25 years, large numbers of laid-off workers are electing to continue their health care coverage under COBRA, but COBRA continuation coverage can be expensive, and many laid-off workers are struggling to pay the premiums. |
|
Read more...
|
|
President Obama Issues Plan to Reform U.S. International Tax Laws |
|
On Monday, May 4, 2009, President Obama released a proposal for "getting tough" on overseas tax havens and eliminating certain "tax advantages" for U.S. corporations that do business and invest overseas. |
|
Read more...
|
|
What you need to know now to help guide you through FAS 141(R), 142 and 144 as well as other best practices. |
|
Read more...
|
|
To help ensure you don't miss any important 2009 deadlines, we've provided this summary of when various tax-related forms, payments and other actions are due. |
|
Read more...
|
|
Stimulus Act Provides Businesses Tax-Saving Opportunities and Other Benefits |
|
On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). Although there was much debate in Congress over this stimulus legislation, there’s no doubt the nearly $800 billion act’s government spending initiatives and tax incentives for private spending will benefit many companies. Additionally, ARRA provides businesses a multitude of tax-saving opportunities. |
|
Read more...
|
|
Will the Stimulus Act Benefit You and Your Family? |
|
On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). In addition to government spending initiatives intended to revive the economy, the nearly $800 billion act provides hundreds of millions of dollars of tax cuts expected to benefit 95% of taxpayers. |
|
Read more...
|
|
Why Are Companies Using Independent Contractors and Why is the IRS Having a Problem with It? |
|
Back taxes, substantial IRS penalties and interest are issues that companies never want to face, but the ongoing recession could increase the likelihood that they will. |
|
Read more...
|
|
The Private Mortgage Lending Industry - A CPA's Perspective |
High quality loan opportunities now available for mortgage pool lenders
The health of real estate lending has been a closely-watched concern in 2008 as the residential subprime mortgage market collapsed and the credit markets dried up. |
|
Read more...
|
|
Time for Capital Improvements? |
Timing capital improvements for waste management companies proving a difficult chore
Money, money, money! The solid waste industry has seen huge amounts of capital being invested to meet the AB 939 diversion goals and the required truck replacements and modifications to meet the CARB requirements. |
|
Read more...
|
|
Model Audit Rules Revised for Insurance Industry |
SOX-inspired regulations now making their way to the insurance industry
The corporate reform boulder that Congress threw into the pool after the collapse of Enron continues to send waves across the U.S. economy. |
|
Read more...
|
|
401k: Managing Emotions During a Financial Crisis |
Taking the emotion out of investments in a tough economic climate
With our major financial institutions struggling with bad mortgage loans and stock markets tumbling over 40%, it’s clear that we are in the middle of a global financial crisis. |
|
Read more...
|
|
IFRS conversion: The early bird catches the most benefits |
What to know about the conversion to IFRS and benefits of converting early
The question today is no longer if International Financial Reporting Standards (IFRS) will replace U.S. Generally Accepted Accounting Principles (U.S. GAAP), but when it will happen |
|
Read more...
|
|
Another Step Closer to International Accounting Principles |
The introduction of FAS 141(R) illustrates the continued movement towards converged accounting standards.
With the recent movement towards International Accounting Standards it's of little surprise replacement standards are beginning to siphon through the pipeline. |
|
Read more...
|
|
Nonprofit Form 990 and Plan 403(b) Receive Makeovers |
|
In 2009, nonprofits will need to look more closely at their Form 990 and 403(b) plans. And when they do, they will find plenty of people looking over their shoulder. |
|
Read more...
|
|
Tax Update - Economic Stimulus Act of 2008 |
How to take advantage of the new stimulus package.
Congress recently passed an economic stimulus package (the Economic Stimulus Act of 2008) which is intended to jump-start the economy, in part through tax incentives aimed at encouraging businesses to increase their investments in new equipment by the end of 2008. |
|
Read more...
|
|
Ready or Not, Here IFRS Comes |
Planning for the upcoming changes
The move away from U.S. Generally Accepted Accounting Principles (U.S. GAAP) to International Financial Reporting Standards (IFRS) is becoming a reality more quickly than once anticipated. |
|
Read more...
|
|
Measuring Uncertain Tax Positions |
Businesses will need to be aware and prepare for the implications of tax standard FIN 48 and the affect it will have on financial statements
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48). |
|
Read more...
|
|
Fair Value Now A Bit More Fair |
FAS 159 allows companies to reduce volatility offerings
In February 2007 FAS 159, "The Fair Value Option of Financial Assets and Financial Liabilities" standard was released, and with it a way to account for financial instruments that have not historically been recorded in financial statements. |
|
Read more...
|
|
Forget What You Know About Fair Value |
FAS 157 seeks to eliminate the confusion when measuring fair value
If you haven’t been keeping up with your FASB news, the definition of fair value has changed. |
|
Read more...
|
|
