General News and Information Archives - Page 35 of 40

Oct
14
2016

Nonprofit Organizations – Continued Information on New Financial Reporting Rules

shutterstock_450172513 On August 18, 2016, the Financial Accounting Standards Board (FASB) issued new rules for nonprofits: “Accounting Standards Update 2016-14 “Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities.” This is the first major set of changes to nonprofit financial statement presentation standards since 1993. The new rules take effect for fiscal years beginning after December 15, 2017

What organizations are affected by the new guidance?

Oct
11
2016

Changes to Not-For-Profit Financial Statements

The Financial Accounting Standards Board (FASB) introduced changes to not-for-profit accounting [Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities] on August 4, 2016, with the intention that these changes could more easily explain the purpose and mission of each organization via their financial statements.

The proposed changes will add detail to financial statement presentation and disclosure requirements that will deliver more value to not-for-profit stakeholders.

Oct
03
2016

Reporting Requirements of Foreign Investments

shutterstock_158874281 The Internal Revenue Service continues to make changes to the reporting requirements of foreign investments. Not all foreign income, investments, or assets are taxable; there may be a reporting requirement. These reporting requirements are for U.S. Citizens, U.S. Residents, and Business Entities. The foreign earned income exclusion or the foreign tax credit does not exempt you from filing.

One of the reporting requirements is filing a Foreign Bank and Financial Accounts (Form 114) to report financial interest in or signature authority over a foreign financial account.

Sep
08
2016

Get Ready for Year-end Physical Inventory Count

Businesses must carry out year-end inventories to meet tax requirements and to gather accurate dat shutterstock_91041746 a for financial statement purposes. Are you ready for your year-end physical inventory count? For some businesses, a complete physical inventory count is a frustrating and time-consuming process with numerous obstacles. However, with proper planning, management and procedures, you can make the process go smoothly and get accurate inventory counts.

Planning

There is a lot you can do ahead of time to get prepared.

Aug
30
2016

New TPT-1 and TPT-2 forms

Beginning with Arizona Department of Revenue Transaction Privilege Tax (TPT) reports filed in July 2016 (for the 6/1-6/30/16 reporting period), the ADOR instituted new requirements for filing. For businesses that only have one physical location, the opportunity to paper file still exists. For businesses that have more than one physical location, it is now mandatory to file electronically on www.aztaxes.gov. There is currently no date set for requiring single locations to file electronically;

Aug
24
2016

Make Working from Home Less Taxing: Home Office Deduction

shutterstock_120052459 If you use your home for business purposes, you may be able to offset your business income with a portion of the costs incurred to maintain your home.

Qualifying for the Deduction

In order to claim the home office deduction, you must meet the following requirements:

Exclusive Use

Part of your home must be used exclusively for business.

Aug
22
2016

Your Tax Strategy Starts with the Basics.

shutterstock_152103620 The most basic element of your business outside of what colors to use in your logo can be the most critical to your tax planning strategy. Your organizations entity structure affects not only your company’s taxability, but also its benefits, and risk exposure. It’s worth the time and effort to familiarize yourself with the three most common entities. However, it’s a good idea to consult your local CPA to ensure your making the right selection for your given circumstances.

Jul
22
2016

Wages Paid to Children

Would you like to hire your kids to work for your business?

You can, as long as you follow some simple guidelines.

shutterstock_124029445 Business deductions are allowed under the tax law when they are ordinary and necessary expenses paid or incurred as a result of carrying on a trade or business.This includes wages paid to compensate employees for services they provide. Although the Internal Revenue Code does not define a minimum age for employees (common practice advises children be at least 6 years old),

Jul
08
2016

Internal Controls for Small Organizations

shutterstock_96365069 (1) Proper internal controls are essential for all organizations. Critical to the implementation of these controls is an appropriate level of segregation of duties. This can be difficult for a small nonprofit to accomplish due to the size of the staff and/or the number of volunteers. The following section provides an outline of the various accounting functions and gives examples of how internal controls can be put into place to make errors or fraud more unlikely,

Jul
01
2016

New TPT (sales tax) reporting forms for Arizona coming soon.

The Arizona Department of Revenue has been revising their TPT (sales tax) reporting forms. If you file your forms by paper (whether it be monthly, quarterly or annually), you will soon be receiving new forms that look much different than what you have been used to. If you have a single location, you should be receiving the TPT-EZ form. shutterstock_123406111 If you have multiple locations, you should be receiving theTPT-2 form.