FASB Issues New Guidance, Michigan Federal Savings Program, Installment Agreements and more

by MICPA | Aug 23, 2016   ()

FASB Issues New Guidance on Not-for-Profit Financial Reporting
The Financial Accounting Standards Board issued new rules to simplify and improve how a not-for-profit organization classifies its net assets, as well as the information it presents in financial statements and notes about its liquidity, financial performance and cash flows. These are the first significant changes for the not-for-profit financial reporting model in more than 20 years. READ MORE

Michigan Launches Federal Savings Program for Individuals With Disabilities
Individuals with disabilities will soon be able to save for qualified expenses without jeopardizing their access to state and federal benefits through the MiABLE (Michigan Achieving a Better Life Experience) program. The 529 (A) savings account program is expected to be up and running by the end of 2016. READ MORE

IRS Proposes Revised Fees for Installment Agreements
The IRS is proposing a revised schedule of user fees that would take effect on Jan. 1, 2017, and apply to any taxpayer who enters into an installment agreement. READ MORE

IRS Launches Online Sharing Economy Resource Center, Provides Tips for Emerging Business Area
The IRS this week launched a new web page designed to help taxpayers involved in the sharing economy quickly locate the resources they need to help them meet their tax obligations. An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation places and perform many other activities. READ MORE

IRS Provides Tax Relief to Louisiana Storm Victims; Various Tax Deadlines Extended to Jan. 17
Louisiana storm and flood victims will have until Jan. 17, 2017, to file certain individual and business tax returns and make certain tax payments. Specific relief workers also qualify for relief. More information can be found on the IRS disaster relief page. A useful tool for CPAs to counsel individuals is available in Disaster and Financial Planning: A Guide for Preparedness and Recovery, a guide from the AICPA, the American Red Cross and the National Endowment for Financial Education.

When You Think Your To-Do List Is Too Long…
Take a look at the IRS 2016-17 Priority Guidance Plan, which identifies and prioritizes the 281 tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. READ MORE

AICPA Proposes Modifying Peer Review Reports, Firm Representation Letters
The AICPA Peer Review Board issued a proposal last week that would modify the current peer review report so that it would clearly indicate if a single audit was selected. READ MORE

Source: MICPA
Source: MICPA

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