NSAC Happenings and Latest News - Page 107
FASB proposal would improve hedge accounting, AICPA committee says
A FASB proposal for targeted improvements to accounting for hedging activities would simplify and improve the current model, according to a comment letter sent by the AICPA Financial Reporting Executive Committee (FinREC). In an effort to improve the hedge accounting model, FASB on Sept. 8 issued Proposed Accounting Standards Update, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging ...
Read MoreYear-End Tax Tips
Steps to take before the New Year for a better tax return in 2017 1. First – what’s not changing: While President-elect Trump is in a strong position to enact his promise of lower tax brackets next year, it’s important to remember that the current income tax rates of 10, 15, 25, 33, 35 and 39.6 percent are still in effect for the tax returns being filed next mid-April. The standard deduction amounts remain $6,300 ...
Read MoreMore Time for Some ACA Reporting
The IRS has extended the 2017 due date for employers and coverage providers to furnish information statements to individuals – but the due date for filing with the IRS has not been extended. IRS Notice 2016-70 explained the upcoming 2017 reporting due dates: Applicable large employers, including those that are self-insured, must send Forms 1095-C to full-time employees by March 2; and must file Forms 1095-C and 1094-C ...
Read MoreEmployers: Accelerated Filing Deadlines for W-2s and 1099s in 2017
One of the provisions in the Protecting Americans From Tax Hikes Act of 2015 (PATH Act) was to accelerate the filing deadline for Form W-2 and Form 1099-MISC. The new due dates take effect for the 2016 forms, which are due in 2017. The provision is aimed at reducing refund fraud connected to the reporting of employee and non-employee compensation through information returns like the W-2 and 1099. Thieves have been attempting to ...
Read MoreJudge Blocks Obama Rule Extending Overtime Pay to 4.2 Million U.S. Workers
A federal judge blocked an Obama administration rule to extend mandatory overtime pay to more than 4 million salaried workers from taking effect, imperiling one of the outgoing president's signature achievements for boosting wages. U.S. District Judge Amos Mazzant, in Sherman, Texas, agreed with 21 states and a coalition of business groups, including the U.S. Chamber of Commerce, that the rule is unlawful and granted their motion for a ...
Read More