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Accounting Newsletter

• FASB Overhauls Not-for-Profits' Accounting Standards October 27, 2016 The Financial Accounting Standards Board (FASB) recently issued the first major accounting changes for the not-for-profit sector in more than two decades. Just about every not-for-profit organization — including charities, universities, ...
• Beware of income-based limits on itemized deductions and personal exemptions October 26, 2016 Many tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the personal exemption phaseout. Income thresholds If your adjusted gross income (AGI) ...
• Depreciation-related breaks offer 2016 tax savings on business real estate October 24, 2016 Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) ...
• It's sometimes hard to report "hard" assets October 21, 2016 How much do you really know about accounting for property, plant and equipment? U.S. Generally Accepted Accounting Principles (GAAP) permits some leeway when deciding whether to capitalize or expense a ...
• Tax impact of investor vs. trader status September 6, 2016 If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are ...
• IRS Urges Taxpayers to Check Withholdings September 2, 2016 Taxpayers should consider a mid-year tax withholding checkup following several new factors that could affect their refunds in 2017, according to the IRS. Click here to read more.
• IRA Charitable Donations: An Alternative to Taxable Required Distributions August 26, 2016 You can make cash donations to IRS-approved charities out of your IRA using so-called “qualified charitable distributions” (QCDs). This strategy may be advantageous for high-net-worth individuals who have reached age 70 ...
• Now’s the time to start thinking about “bunching” — miscellaneous itemized deductions, that is August 23, 2016 Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into ...
• FASB Releases Not-for-Profit Accounting Standard August 19, 2016 The Financial Accounting Standards Board (FASB) released its not-for-profit financial reporting. Click here to read a summary of its contents.          
• The Most Profitable Industries in 2016 August 8, 2016 “Accounting-related companies (accounting, tax preparation, bookkeeping and payroll service companies) are the most profitable, with net profit amounting to 18.3 percent of sales, on average, based on a financial-statement analysis for ...

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