Careful thought and planning are necessary while proceeding through a divorce, especially related to five general areas:
For more information, please read the referenced article from The Tax Advisor, or contact Tom Vereecke at (616) 608-8510 or tvereecke@brickleydelong.com.
In November 2014, GASB released preliminary views for public comment for changes for state and local governments in financial reporting of leases and activities with fiduciary responsibilities.
For leases longer than 12 months, GASB proposes changes for governments as lessee or as lessor.
For governments acting as fiduciary, GASB seeks to enhance consistency and comparability of financial reporting.
For more information, please read the attached article, or contact Eric Van Dop at (231) 726-5855 or evandop@brickleydelong.com.
The International Accounting Standards Board (IASB), issued amendments to a standard related to financial statement presentation and disclosure, which enable more professional judgment in preparing financials.
Amendments to IAS 1 can be applied now, but are mandatory for periods beginning on or after January 1, 2016.
For more information, please visit the reference article or contact Patrick Mutchler at (231) 726-5870 or pmutchler@brickleydelong.com.
In November 2014, the Anti-Fraud Collaboration released a report defining the roles of those in the financial reporting chain in order to deter and detect financial reporting fraud.
Roles are defined for the following holders of the financial supply chain:
For more information, please read the referenced article from the Journal of Accountancy, or contact Ed Elsner at (231) 726-5848 or eelsner@brickleydelong.com.
A panel at the 2014 World Congress of Accountants explored the qualities of an effective audit committee. Interestingly, their recommendations included:
For more information on effective audit committees, please see the referenced article from the Journal of Accountancy, or contact Eric Van Dop at (231) 726-5855, or evandop@brickleydelong.com.
Organizations using financial statements consistent with GASB standards will need to address the new financial reporting standards for defined benefit pension plans. These requirements apply to both organizations that sponsor their own pension plans and those that participate in such plans.
GASB Statement No. 68 requires reporting of the total pension liability as well as the fair value of plan assets available to pay plan benefits.
For more information on the new defined benefit pension plan financial reporting requirements, please visit this article from the Journal of Accountancy, or contact Eric Van Dop at (231) 726-5855 or evandop@brickleydelong.com.
According to a recent report by the National Taxpayer Advocates, taxpayers this year will experience the worst service since 2001. More than 50% of callers will not get through to the IRS, with average hold times greater than 30 minutes.
Poor service can be attributed to budget cuts and increased workloads.
To see the full article from The New York Times, click here. For assistance with your tax issue, please contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com.
Beginning in 2014, Michigan is phasing out its Personal Property Tax (PPT) for most businesses.
The tax reform will:
For a summary of the timing of the PPT phase out and other provisions, please visit the referenced article from the Michigan Economic Development Corporation, or contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com
The State of Michigan recently sent notices regarding new electronic filing method and requirements for Michigan Sales, Use, and Withholding (SUW) taxes. To view this document, click here.
The Michigan Association of CPAs (MICPA) released a Tax Alert addressing four common questions. To access these questions and answers, click here.
The Michigan Department of Treasury subsequently issued a document intended to summarize changes for 2015, click here.
For more information, please contact Brian McFarren at 231-726-5815 or bmcfarren@brickleydelong.com
The IRS issued final regulations with rules on how to:
General topics of these regulations are:
The regulations apply to tax years beginning on or after January 1, 2014; but, taxpayers can apply them to tax years beginning on or after January 1, 2012.
For more information, pleased view this referenced article from the Tax Advisor, or contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com
