The IRS recently issued its 2017 cost-of-living adjustments. Because inflation remains relatively in check, many amounts increase only slightly, and some stay at 2016 levels. As you implement 2016 year-end tax planning strategies, be sure to take these 2017 adjustments into account.
Abstract: The FASB has issued the first major changes to the accounting standards for nonprofits’ financial statement presentation in more than two decades. ASU No. 2016-14, Not-for Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, is intended to provide improved net asset classification requirements and information about nonprofits’ resources (and changes in those resources) to donors, grantors, creditors and other users of their financial statements. This article explains how the guidance changes classification of net assets and information presented about an organization’s liquidity, financial performance and cash flows.
Each year the Department of the Treasury issues General Explanations of the Administration’s Fiscal Year Revenue Proposal. The Fiscal Revenue Proposal for 2017 was released in February of 2016.
The proposal would permit only those pre-tax dollars in a non-deductible IRA account to be converted to a Roth IRA. Thus, after-tax amounts held in a traditional IRA could not be converted to a Roth IRA. The Proposal would apply to conversions occurring after December 31, 2016.
The IRS has warned taxpayers about a summertime increase in telephone scams, in the form of automated calls and new tactics from scammers demanding tax payments on iTunes and other gift cards. These fake calls generally claim to be the last warning before legal action is taken, the IRS explained. Scammers may threaten to arrest, deport or revoke the driver’s license of the victim if they do not agree to pay.
Our Latest Insights
Please SUBSCRIBE to our newsletter and you’ll receive practical, actionable updates on a regular basis.
- Tax Deduction for Moving Costs: 2017 vs. 2018
- Tax Credit For Hiring From Certain “Target Groups” Can Provide Substantial Tax Savings
- Use Benchmarking to Swim With the Big Fish
- Families With College Students May Save Tax on Their 2017 Returns With One of These Breaks
- Small Business Owners: A SEP May Give You One Last 2017 Tax and Retirement Saving Opportunity