The Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2017-01 in order to have more consistent application of accounting principles relating to business and asset acquisitions and disposals. The ASU aims to achieve this by clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses.
The IRS has proposed several rule changes that could bode well for taxpayers. The biggest proposed change would affect the earned income tax credit that has been in effect since 1994.With the proposed changes both taxpayers are eligible to claim the earned income tax credit; one can claim the full portion of the credit and the other can claim the reduced credit for childless taxpayers if certain requirements are met.
President Trump's first couple weeks in office have been quite eventful, moving to repeal the Affordable Care Act, giving the green light for the Keystone XL and Dakota Access Pipelines to be constructed, immigration restrictions and of course "The Wall". Trump has proposed to use "comprehensive tax reform" as a means to tax imports from the countries that the US has trade deficits with; like Mexico.
The Better Business Bureau has learned that scammers are now targeting small business owners with phishing emails using QuickBooks software as bait. Emails are being sent with the subject line "QuickBooks Support: Change Request". The message is "confirming" that the business name was changed with Intuit, QuickBooks' manufacturer, even though no such request was made.
IRS warns a damaging W-2 phishing email scam is spreading aggressively beyond corporate America.
Two weeks ago the IRS issued a warning about a W-2 phishing email scam. Less than a week later the IRS issued an urgent alert stressing the scam is spreading aggressively beyond corporate America and into schools, hospitals, nonprofits, middle market companies, etc.
The prudent businessperson is always cautious when he or she is offered a great bargain on real estate, equipment, a business interest, or some other property that just might be too good to be true. Even in connection with ordinary business transactions but especially when considering taking over a property or business that in a bargain because of some legal wrinkle, you should consider whether there might be some tax liability attached to the bargain that could come back to haunt you down the road.
The amount of foreign direct investment (FDI) attracted by the US is outperforming the global average by over thirteen times, according to a new study by UHY, the international accounting and consultancy network.
According to UHY, inflows of FDI into the US were $379.4 billion last year, accounting for 2.1% of total GDP. This compares to the average world figure of $29.3 billion, or 2.2% of total GDP.
There have been a lot of questions lately surrounding the 1095 reporting requirements for the 2016 reporting period. Read more to review some bullet points from frequently asked questions.
The IRS has opened the doors to begin receiving 2016 tax returns, but some early filers may find they are left waiting weeks before their refund arrives. That's thanks to a new law intended to reduce cases of tax fraud.
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