AMLLP_Dean_Q_on_cellphone_-v1.3

Offering our expertise, guidance and thought leadership on issues and topics that affect organizations. This section delivers articles to help simplify the complexities businesses face in an ever expanding and changing environment.

Preparing your nonprofit’s annual budget is probably one of the least appealing parts of your job. But you don’t do your organization — or the people it serves — any favors by putting it off. Following these five simple steps can help make the process a little less painful.
As a tax-exempt organization, you might think that the subject of “uncertain tax positions” doesn’t apply to you.  Think again — some of the basics of your operations, including your tax-exempt status, could create uncertain tax positions that trigger critical reporting obligations.
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 IRS has released some long-awaited final regulations (regs) for the Affordable Care Act (ACA)—with additional final regs on information-reporting requirements expected soon.

What was the key takeaway from the most recent regs? Employers must act now—and meet specific requirements in 2014—in order to take advantage of transitional relief benefits:

Too few nonprofits keep healthy operating reserves. A study of charities in the Washington, D.C., area, for instance, found that 57% of the organizations had insufficient operating reserves to cover three months of expenses — the minimum level many experts consider necessary to maintain financial stability.
Transparency. To most nonprofits the term connotes the need to make financial statements more readily understandable, and suggests being open about all aspects of their operations. Since the IRS revised Form 990 over five years ago to require the disclosure of a gamut of information, transparency has taken center stage with not-for-profits.
On Nov. 26, the IRS issued final regulations addressing two new taxes under the Affordable Care Act that took effect Jan. 1, 2013: the 3.8% net investment income tax (NIIT, also known as the Medicare contribution tax), and the 0.9% additional Medicare tax. Although the final regulations for the additional Medicare tax largely mirror the proposed regulations released in 2012, the final regulations for the NIIT include some significant changes from the proposed ones.

The Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) released new guidance on Dec. 23 that will steer their decisions related to reducing the complexity and costs of preparing financial statements for private companies that follow Generally Accepted Accounting Principles (GAAP).

To help you make sure you don’t miss any important 2014 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due for individuals, employers, businesses and others.

DOWNLOAD THE CALENDAR (PDF)

The Financial Accounting Standards Board (FASB) has issued new guidance that permits private companies following Generally Accepted Accounting Principles (GAAP) to, in some circumstances, elect not to consolidate the financial reporting from variable interest entities (VIEs) that lease property to them. It may apply in situations where an owner of a private company is also an owner of a second business entity that leases property to the company.

For the Media

The firm's experts are available to journalists covering a wide range of topics.

Tax Insights

Read the latest and past newsletters by choosing a link below.