Regulatory Alerts (All)
IRS Extends ACA Employer Reporting Requirements
The IRS and the U.S. Department of the Treasury announced a limited extension of the early 2016 due dates for the 2015 information reporting requirements for employers and insurers under the Affordable Care Act (ACA). Specifically, the notice extends by two months the February 1 due date for employers and insurers to provide individuals with […]
President Signs Tax Extenders into Law; R&D Tax Credit Made Permanent
On December 18, President Obama signed into law the Protecting Americans From Tax Hikes Act of 2015 (“PATH”), which extends or makes permanent over 50 provisions of the Internal Revenue Code that had expired at the end of 2014, including several key pro-business initiatives. The PATH legislation expands and makes permanent the Research and Development […]
2016 Standard Mileage Rates
The IRS has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for […]
Congress to Vote on Tax Extender Bill Friday
On Tuesday night, Congress reached an agreement on a year-end spending and tax deal that includes the much anticipated tax “extender” provisions. The tax bill is expected to extend around 50 credits for businesses and individuals, while also delaying until 2017 a tax on medical device manufacturers. This news provides some insight of what to […]
Service Revenue Subject to Out-of-State Taxation
The old rule that a company needs to be “physically present” in a state in order to be subject to tax may no longer apply. New legislation in certain jurisdictions means that service revenue may now be subject to out-of-state taxation. New York and Tennessee are the newest states to adopt the market-based sourcing rules […]
Tax Planning Guide for Individuals and Businesses Year-End 2015
AAFCPAs is pleased to provide you with detailed tax planning guides that we know you will find helpful in navigating the numerous tax updates taking effect in 2016! If you have not done so already, there is still time to consider year-end tax-saving opportunities. These tax guides are organized into sections discussing year-end, as well […]
New IRS Employer Reporting Requirements Under ACA
AAFCPAs reminds clients that, pursuant to the Affordable Care Act (ACA), the employer information reporting provision for offers of minimum essential coverage, which applies only to applicable large employers, is now in effect. Do you qualify as an ALE? An applicable large employer (ALE) is, for a particular calendar year, any single employer, or group […]
FASB Simplifies the Presentation of Deferred Tax Liabilities and Assets
AAFCPAs would like to make you aware that on Nov. 20, 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU applies to all organizations that present a classified balance sheet, and requires that all deferred tax liabilities and assets […]
FASB Moves to Finalize Leasing Standard, Sets Effective Dates
ASU will require that lease obligations be added to the balance sheet AAFCPAs would like to make you aware that on Nov. 11, 2015 the Financial Accounting Standards Board (FASB) voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets as opposed […]