Blog Archives: 2017

IRS Dependent Classifications & When to Claim a Dependent Exemption

One of the most common questions I receive from clients, family, and friends is about dependents – and when to claim a dependent exemption. Whether it’s parents who are still caring for adult children, or children who are caring for elderly parents, there are many situations wherein a taxpayer may be able to claim a […]

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations: Part 10: Effective Date and Transition Considerations

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.” ASU 2016-14 requires a number of changes to the financial statements of NFPs.  This article is the tenth, and final, in a series discussing the changes required by ASU 2016-14. […]

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations: Part 9: Disclosures about Managing Liquidity and Availability of Financial Assets

Updated on March 7, 2017, to include the latest information on disclosures about the availability of financial assets. Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.” ASU 2016-14 requires a number of changes to the financial statements of NFPs. These […]

Pass-Through Entities Beware: There’s a New IRS Compliance Campaign in Town

S Corporation shareholders should be aware, the IRS Large Business and International division (LB&I) has announced a new IRS Compliance Campaign. The campaign focuses on various issues, including S Corporation Losses Claimed in Excess of Basis. It has come about as a response to the IRS’s concern that S Corporation shareholders are claiming losses and deductions […]

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations – Part 8: Statement of Cash Flows

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.” ASU 2016-14 requires a number of changes to the financial statements of NFPs. These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

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