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 dependent exemption.  The IRS classifies dependents into two categories: qualifying child, or qualifying relative.

A qualifying child is a son, daughter, stepchild, foster child, brother, sister, half-brother, half-sister, stepbrother, stepsister or descendant of any of the aforementioned relatives. The qualifying child:

  • must be under 19 years of age,

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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. In this article, we discuss the effective date of ASU 2016-14 and considerations for the year of transition. 

Effective Date

ASU 2016-14 is effective for fiscal years beginning after December 15, 2017, and interim periods beginning within fiscal years following December 15,

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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 changes will be effective for fiscal years beginning on or after December 15, 2017.

This article is the ninth in a series discussing the changes required by ASU 2016-14. In this article, we discuss new required disclosures about how a NFP manages its liquidity and the availability of its financial assets. 

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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 in instances where they do not have sufficient stock, or debt basis, in the S Corporation.

To carry out the campaign, LB&I has established criteria and provided assistance to revenue agents as part of their issue-based examinations. They are also sending letters to encourage taxpayers to correct their situations,

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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 is the eighth in a series discussing the changes required by ASU 2016-14. In this article, we discuss changes to the statement of cash flows.

Background

U.S. GAAP requires that not-for-profit organizations (NFPs) include a statement of cash flows as a part of the basic financial statements.

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