The penalty for failing to complete an IRA or a plan rollover in time can be severe. Unless you obtain a waiver from the IRS, the transfer is treated as a taxable distribution even if the failure is inadvertent. However, a new ruling provides some taxpayers with relief.
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.
Although you may have spent years building up a successful enterprise, your family may be forced to sell it soon after your death to pay the federal estate-tax bill. The full amount of estate tax is due nine months after an individual’s death. Fortunately, there is some tax relief for a family that inherits a small business.
Although summer is traditionally the time for rest and relaxation, you can still “work on” your 2016 tax bill. What’s more, special tax incentives for individuals and small-business owners have been restored by the Protecting Americans from Tax Hikes (PATH) Act of 2015. Here are seven popular tax-saving ideas.
In this election year, one of the most important decisions will be made on your 2015 tax return. You must determine whether it is better to deduct state and local income taxes paid last year or to claim a deduction for state and local sales taxes. What’s at stake? Tax dollars.