Remember that year-end planning is not just for individuals. 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.
ASU 2016-14 Replaces the Reporting Model That Has Existed for 20 Years
(From AICPA Not-for-Profit Section - Published August 18, 2016)
After more than three years of debate, comment, and revision, the Financial Accounting Standards Board’s (FASB) much-anticipated Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, was released on August 18, 2016. The newly released ASU will change the way all not-for-profits (NFPs) classify net assets and prepare financial statements.
Most of us lead hectic lives, but as part of an estate plan, it is important to take time to designate or update beneficiaries for all your assets. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are several practical suggestions.
Employers may provide ways to make it easier for employees to commute back and forth from work. Now the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) has equalized the three main tax-free benefits for transportation, beginning in 2016. This relates to mass transit passes, commuter highway vehicle expenses and qualified parking fees.
It is often difficult to put a price tag on a company that is not publicly traded. For instance, the value of a family-owned business will typically exceed the total value of the hard assets such as equipment and inventory. In addition, assigning a value to intangible assets such as goodwill is a difficult proposition at best.