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IRS Could Bring ACA Penalties to Many Employers
The IRS is assessing penalties based on employers’ 2015 Affordable Care Act (ACA) filings on Forms 1094-C and 1095-C. Penalties are triggered by: Not offering coverage to enough full-time employees, or Not offering affordable coverage to one or more full-time employees These penalties could potentially affect any employer required to comply with ACA for the year 2015. Understanding your ...
Read MoreThe Case for Updating Your Policies and Procedures Manual
When corporate leaders consider updating their policies and procedures manuals, it may seem that the reasons for delaying the project outnumber the pages in the document. Making changes to the manual is time-consuming. Policies and procedures in the organization may be so siloed that maintaining a manual becomes a challenge. And by the time the ink dries on the newest edition of the document, a new law or regulation may be enacted that requires ...
Read MoreFASB Combines Guidance for Income Statement, Comprehensive Income into One Topic
In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic. Previously, FASB’s guidance on these subjects has been located in Topic 225, Income Statement, and Topic 220, Comprehensive Income. Under the changes, all guidance on both subjects will be contained in Topic 220. FASB did not make any substantive changes to the actual guidance on ...
Read MoreAdvice for Mitigating Cybersecurity Threats
Finance leaders’ involvement in cybersecurity is growing. Responses to cyberattacks include increased spending, according to a global survey. Nearly three-fourths of company finance leaders have become more involved in cybersecurity in the wake of increases in phishing scams and credit card and database breaches, according to a new global survey. Forty-nine per cent of respondents said their business had fallen victim to a ...
Read MoreComparing the House and Senate Tax Proposals for You and Your Business
On November 2, House Ways and Means Committee Chairman Kevin Brady introduced the Tax Cuts and Jobs Act, which proposes significant tax changes for businesses and individuals. The 429-page bill is generally consistent with the tax reform framework that Republican leaders previously released. On November 9, the Senate Finance Committee released a summary of its tax reform plan (but not proposed statutory language). The ...
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