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Nonprofit Financial Statement Project/ASU Update – FASB Announces Transition Method and Effective Dates

Nonprofit Financial Statement Project/ASU Update – FASB Announces Transition Method and Effective Dates

The Financial Accounting Standards Board (FASB) reached much anticipated decisions regarding the transition and effective date for its Nonprofit Financial Statements Project, as of their most recent Board Meeting (3/30/16).  The proposed Accounting Standards Update (ASU) would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements.  Details […]

FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities

FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities

AAFCPAs wants to alert you to this change from the Financial Accounting Standards Board (FASB).  In their effort to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments, on January 5, 2016 the FASB issued a new Accounting Standards Update (ASU) No. 2016-01, Financial Instruments, […]

President Signs Tax Extenders into Law; R&D Tax Credit Made Permanent

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

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

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 […]

Tax Planning Guide for Individuals and Businesses Year-End 2015

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

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

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 […]

CFOs Embrace the Cloud for Scalability, Reliability, and Independence

CFOs Embrace the Cloud for Scalability, Reliability, and Independence

CFOs are more commonly migrating services to the Cloud in order to unlock benefits that can help them free up resources and achieve a new level of scalability. They and their management teams are capturing greater reliability, cost-effectiveness, and security through the right Cloud services. The Cloud used to fall mainly under the jurisdiction of […]