As the deadline for filing 2016 tax returns approaches, some taxpayers are still struggling with the rules for the 3.8% tax on “net investment income” (NII). The tax law provision authorizing this special tax was included in the Affordable Care Act (ACA), the law known as Obamacare. Although the ACA may be repealed by the new Trump administration, it would not likely be retroactive to 2016.
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.