Luis Ramirez, Principal
The Australian Taxation Office (ATO) took the unprecedented step of publishing a report with the tax details of 1,500 large corporate taxpayers, showing that nearly 600 of the largest companies operating in Australia paid no tax in 2014. (more…)
Financial Accounting
Rev Rec (Wreck?) and Other Changes for Startup Companies
The accounting world has been keeping pretty busy. While most of the noteworthy news revolves around the new revenue recognition standard ASU 2014-09, the latest standards released by the Private Company Council (PCC) to address the unique needs of the users and preparers of private company financial statements are not too far behind. (more…)
By Mark Sheffield, Principal
For years, ASL has published a well-received resource for entrepreneurs called the “New Business Start-Up Guide.” The newest edition adds helpful sections on how to value a start-up, and how to value an ongoing business. In addition, there are new exhibits on: “Top Five Challenges Facing Start-ups Today” and “Ten Governing Principles for a Start-up.” All the other sections have been updated for the latest best practices, and links to useful resources. (more…)
By Sheba Dalaney, Principal
There are new reporting requirements mandated by the Affordable Care Act for some employers for 2015. Beginning in 2016 (for health coverage offered on or after January 1, 2015), Internal Revenue Code Section 6056 requires Applicable Large Employers (ALEs) to file information returns with the Internal Revenue Service to report applicable healthcare information. An ALE must file Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, for each full-time employee, and the related Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns. In addition, employers of all sizes will have a reporting requirement under IRC Section 6055 if the employer self-insures. These reporting requirements help administer the employer shared-responsibility mandate and the individual mandate added as a part of the Patient Protection and Affordable Care Act. (more…)
By Josh Cross, Audit Manager
As the holiday season wraps up and we begin to take down the Christmas tree and put away all of our decorations until next year, one thing we should not pack away until next year is our spirit of giving. Many of us so generously open up our wallets or volunteer our time during the holiday season to help those less fortunate. The holiday season is an important time of year for many nonprofits, especially those small local nonprofits in our communities. Whether it is because we are in the holiday giving spirit or because we want that last minute tax deduction, the holiday giving season can produce between 25-50% of a nonprofits’ annual contribution total in just two months. (more…)
By Blake Larum, Senior Tax Manager
On Friday, December 18, 2015, a number of expired tax provisions were extended as part of the spending bill, the Consolidated Appropriations Act, 2016.
Several of the expired provisions were extended permanently and in many cases modified. There were other provisions that were extended for five years (through 2019) and other provisions extended for two years (2015 – 2016). (more…)
By Chris Bitter, Senior Valuation Analyst and Jeff Faust, Director of Valuation Services
Taxpayers are still awaiting new tax regulation changes that may affect the valuation of family-owned entities. In April 2015, Cathy Hughes, from the Treasury’s Office of Tax Policy, announced that the Treasury would amend regulations under IRS Code §2704 around mid-September. However, the Treasury has yet to release any new regulations limiting the applicability of valuation discounts on family-owned entities. Much speculation has arisen as to what the new regulations will look like. In November 2015, senior IRS official Leslie Finlow stated “Guidance on restrictions on estate valuation discounts for certain corporations and partnerships is expected very soon and won’t be based on previous administration proposals. (more…)
By Steve Carter, Principal
During last December’s AICPA National Construction and Real Estate Industries Conference, I attended a break-out session discussing cash flow for contractors. It was outstanding! How often does one talk about how vital cash flow is to the construction business? The phrase “Cash is King” cannot be more important for contractors.
Let’s talk about what cash flows means, what goes into creating positive cash flows, and best practices to maximize cash flows. (more…)
By Jackie Phan, Tax Manager
Do you have a wealth transfer plan in place? The IRS has just announced 2016 estate and gift limits: $5.45 million per individual estate and gift tax exemption, and the annual gift exclusion remains at $14,000 per donee. (more…)
