This issue’s topics include: IRS Announces Extension Of Some Key ACA Information Reporting Deadlines New Guidance Expands Scope Of Nontaxable Identity Protection Services IRS Issues 2016 Updates Of Procedures For Ruling Requests, Technical Advice, Determination Letters, User Fees, And No-Rule…
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Federal Tax Weekly: December 31, 2015
This issue’s topics include: Year-End Tax Legislation Impacts Extenders, ACA, IRS, And More IRS Releases 2016 Standard Mileage Rates For Automobile Use; Business Rates Drop Four Cents, Medical And Moving Rates Drop 3.5 Cents 2016 Filing Season To Open January…
Federal Tax Weekly: December 17, 2015
This issue’s topics include: Negotiations Continue On Extenders, Omnibus, ACA Taxes IRS Launches Initiative To Help Employers Keep Current With Payroll Taxes IRS Reminds Applicable Large Employers Of ACA Reporting Deadlines Transfer Of Stock In Family Business To Trust For…
Estate Planning Tip: Taxable on Death Accounts
Taxable on death accounts have become a popular estate planning technique in recent years. The account automatically passes to designated beneficiaries upon the death of the primary owner. These type of accounts pass to beneficiaries outside of the probate process.…
Tagged with: Estate Planning, Grantor, Income Tax, Internal Revenue Service, Reporting, Tax, Trust, Trust law, Trustee, United States
Posted in Estate Planning
Posted in Estate Planning
New Standards Update Simplifies Benefit Plan Disclosures
As part of its Simplification Initiative, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2015-12 to reduce complexity in employee benefit plan accounting. We view this as a welcome change, as it eliminates certain disclosure…
Tagged with: Accounting, accounts, Assets, ASU, benefit plans, benefit-responsive, benefits, complex, December, defined, employee benefit plans, fair value, FASB, Funds, health and welfare plans, investment disclosures, investments, mutual funds, pension plan, Reporting, simplification, task force, trusts
Posted in Employee Benefit Plans
Posted in Employee Benefit Plans
Audit & Accounting Update: FASB Approves Deferral of the Effective Date of the Revenue Recognition Standard
In April 2015, the FASB issued for public comment a proposed Accounting Standards Update (ASU), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which would defer the effective date of its new revenue recognition standard by…
Tagged with: Accounting, adoption, ASU, Audit, deferral, effective date, FASB, nonpublic, period, public, Reporting, Revenue Recognition, standard
Posted in A&A
Posted in A&A
Estate Planning Tip: Grantor Trust Information Reporting Requirements
Trustees of grantor trusts need to be aware of additional expenses associated with meeting information reporting requirements. Grantor trusts are disregarded for tax purposes and are commonly used in many estate plans, but they can be confusing. Many trustees believe…
Tagged with: Estate Planning, Grantor, Income Tax, Internal Revenue Service, Reporting, Tax, Trust, Trust law, Trustee, United States
Posted in Estate Planning
Posted in Estate Planning
Alan Pecora
Anthony Mangiameli
David Mandrycky
Insero & Co.
Jacquie Platt
Jennifer Ott
Kimberly Gangi
Lou Gangi
Renee Ricci
The Highest Standard 