NSAC Happenings and Latest News - Page 112
Avoiding the Doomsday Countdown: How Companies Can Prepare for Changes in Revenue Recognition
The countdown is on for 2018, as new international accounting rules, IFRS 15 for international countries and ASC 606 for the U.S., will change the way companies need to manage revenue recognition. While 2018 seems far away, a recent survey by PwC and the Financial Education Research Foundation found that 75 percent of companies haven’t completed an initial assessment of the standard’s effect, and nearly 27 percent of respondents ...
Read MoreIRS issues 2017 inflation adjustments for many tax provisions
The IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts (Rev. Proc. 2016-55). These provisions are used to file tax year 2017 returns in 2018. One of the few inflation-adjusted amounts that stayed the same is the personal exemption, which remains $4,050 for 2017. The standard deduction for married taxpayers filing joint returns increases ...
Read More2017 Pension Plan Limitations Announced
The IRS has released cost-of-living adjustments for the dollar limitations for pension plan contributions and other retirement-related items for tax year 2017. The contribution limit for 401(k)s remains unchanged, at $18,000 for 2017. However, income ranges for eligibility to make deductible contributions to traditional IRAs and to Roth IRAs, and to claim the saver’s credit, all increased. The phase-out ranges for when taxpayers or their ...
Read MoreEmployers Face New W-2 Deadline; Some Refunds Delayed
Employers and small businesses have a new January filing deadline for W-2s, the Internal Revenue Service warned, adding that it must also hold some refunds until Feb. 15. A new federal law accelerates the W-2 filing deadline for employers to Jan. 31. The new law also requires the IRS to hold refunds involving two key refundable tax credits until at least Feb. 15. Last December’s PATH Act enacted the new requirement that employers file ...
Read MoreBest Practices: 10 Year-End Tax-Planning Tips for Individuals
Grant Thornton has released a collection of Year-End Tax Guides for 2016. Here are 10 of the most important 2016 tax-planning considerations for individuals. 1. Accelerate Deductions and Defer Income It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income. On the deduction side, you ...
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