The IRS has issued its 2019 list of required amendments for qualified retirement plans. The 2019 Required Amendments (RA) list for individually designed retirement plans identifies changes in qualification requirements that became effective in 2019 that may require a retirement plan to be amended to remain qualified. Among other required amendments for 2019, plans that … Read More
When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that nonprofits already had about accounting for grants and similar contracts. Fortunately, last year, the FASB provided some much-needed clarification with Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying … Read More
The IRS has changed the process under which it accepts requests for verification that it has received a filed FBAR. (FBAR is FinCEN Form 114, Report of Foreign Bank and Financial Accounts). Previously, the IRS allowed FBAR filers to call its FBAR hotline to obtain verbal verification of filing for up to five FBARs, at … Read More
The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both: 1. Compare … Read More
A recent audit from the Treasury Inspector General for Tax Administration (TIGTA) addresses the safeguarding of taxpayer information at IRS Volunteer Program sites. The Volunteer Program provides no-cost federal tax return preparation and electronic filing to certain individual taxpayers, such as low-income, elderly or disabled taxpayers. One area of concern the audit found was that … Read More
A whistleblower who provides information to the IRS about another party’s unpaid taxes may be entitled to an award. The information must not be speculative or nonspecific and must be credible. Also, the IRS Whistleblower Office (WBO) must take action against the target and collect proceeds. One whistleblower claimed that a taxpayer had taken tax … Read More
The Tax Cuts and Jobs Act (TCJA) resulted in changes for some business travelers. The IRS has issued guidance in Revenue Procedure 2019-48 for these travelers and their employers to clarify the changes. The TCJA suspended the miscellaneous itemized deduction employees could take for unreimbursed expenses, but self-employed persons and certain employees can still use … Read More
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement … Read More
Final IRS regulations address the exemption amount allowable when computing federal gift and estate taxes. The Tax Cuts and Jobs Act nearly doubled the gift and estate tax exemption to an inflation-adjusted $10 million beginning after Dec. 31, 2017, and before Jan. 1, 2026. (The exemption will revert to $5 million on Jan. 1, 2026.) … Read More
The Financial Accounting Standards Board (FASB) hasn’t issued any major new accounting rules in 2019. But there have been some important developments to be aware of when preparing annual financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Deferral of major accounting rules Accounting Standards Update (ASU) No. 2019-09 delays the effective date of the … Read More