Regulatory Alerts (All)
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
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 […]
FASB Moves to Finalize Leasing Standard, Sets Effective Dates
ASU will require that lease obligations be added to the balance sheet AAFCPAs would like to make you aware that on Nov. 11, 2015 the Financial Accounting Standards Board (FASB) voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets as opposed […]
IRS Announces 2016 Retirement Plan Limitations
The IRS recently announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016. However, the following minor limitations changes are effective January 1, 2016: The following retirement plan contribution limits remain unchanged, but may serve as a […]
Filing Deadline for Data Collections Forms Extended
The Federal Audit Clearinghouse (FAC) website continues to be temporarily offline for maintenance due to an ongoing security investigation. Extended due dates for federal audits due between July 22 and December 30, 2015, are now December 31, 2015. Nonprofit organizations that file an audit performed under OMB Circular A-133, and fall within the previously mentioned due […]
Tax Return Due Dates & Filing Extensions Changed
Congress & the IRS recently announced changes to due dates for partnership and corporate tax returns, as well as FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns. This announcement has received a lot of publicity, but AAFCPAs reminds you that the changes will not affect you […]
HUD Extending the Due Date for Certain Financial Statements
Recent Security Breach Leads to Global Extension for Owners with 6/30/15 Fiscal Year Ends The U.S. Department of Housing and Urban Development (HUD) has issued a blanket extension for all 6/30/15 fiscal year end Real Estate Assessment Center (REAC) submissions (both owner and CPA certified) from the original due date (9/30/15) to 10/31/15. The reason […]
AAFCPAs highlights key items new to Head Start eligibility standards
In March, 2015, the Office of Head Start, an office of the U.S. Department of Health and Human Service (HHS), Administration for Children and Families, issued updated performance standards for Head Start programs. AAFCPAs reminds our clients that the updated standards will be utilized in Head Start monitoring visits beginning October 1, 2015. AAFCPAs offers […]
Reminder: FASB Defers Revenue Recognition Standard
In response to feedback from stakeholders, preparers, practitioners, and users of financial statements, in August 2015, the FASB approved a one-year deferral of the effective date of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The effective date of Update 2014-09 has been deferred for all entities by one year. Public business […]