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AAFCPAs Shares Valuable Tax Insights in 2017 Year-End Corporate and Individual Tax Planning Webinar

AAFCPAs presented this webinar on Tuesday, November 14th from 12-1pm in a live, 1-hour corporate and individual tax planning session. As you are aware, there is potential for dramatic changes in Federal and State tax law on the horizon which, more than ever, requires a multi-year approach to tax planning. AAFCPAs’ Richard Weiner, CPA, MST, Bella Amigud, CPA, and Josh England, JD, LLM provide business owners, finance executives, and their business advisors with valuable information so... continue reading

Guidance on New Lease Accounting Standard

In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions.   AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: Operating leases will now be recorded in the balance sheet as assets and liabilities if the lease term is greater than 12 months. Prior to this new standard, U.S. GAAP required only capital... continue reading

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 regarding the transition method and effective date are summarized below: Transition Method FASB decided that... continue reading

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 business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for... continue reading

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 expect, including: Research credit and Section 179 expense made permanent New Markets Credit and bonus... continue reading

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 of employers treated as an Aggregated ALE Group, that employed an average of at least... continue reading

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 be classified as non-current. This is a significant change for entities which have deferred income... continue reading

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 IT departments. However, as CFOs participate more and more in the technology shift across the... continue reading

Reduce Your Corporate or Partnership Income Tax for 2015

For every business, there is a lot at stake when it comes to tax. AAFCPAs wants you to take full advantage of all available tax benefits to assure you are optimizing your tax liability. Below are a few examples of vehicles to consider that may work favorably for you, but your planning should begin now.   Advantages of a establishing a Profit Sharing Plan using a New Comparability Plan: A New... continue reading

Managing the IRS Repair Regulations and the Ongoing Challenges Presented After Initial Implementation

The IRS final “repair regulations,” effective January 1, 2014, completely revamped the way taxpayers evaluate expenditures in order to determine whether certain costs represent immediately deductible repair expenses, or capital improvements that must be depreciated over time. In addition, regulations issued in Section 1.162-3 provide new guidance on when a taxpayer may deduct costs incurred to acquire materials, supplies, repairs, and maintenance. The repair regulations present new risks and opportunities... continue reading