October 2016 - HBL CPAs

Oct
31
2016

New Filing Date, 1099-MISC when reporting amounts in Box 7

Are shutterstock_124697734 you required to file Form 1099-MISC to report nonemployee compensation payments for the 2016 calendar year? This information is reported in box 7 on Form 1099-MISC. If so, please be advised that there is a new filing requirement for these returns. As in the past, the form is due to the recipient by January 31, 2017. However, new for 2016 returns, they are also due to the IRS by January 31, 2017 as well.

Oct
21
2016

Tax Considerations for Newly Married Couples

shutterstock_119177737 You’ve put a tremendous amount of time and effort in the months leading up to your wedding day to ensure everything is perfect so that your special day goes off without a hitch. Taxes are probably the last thing on your mind, however, they really are something you should address. The following are some basic tax considerations for newlyweds:

Name and Address Changes

When you file your income tax return,

Oct
14
2016

Nonprofit Organizations – Continued Information on New Financial Reporting Rules

shutterstock_450172513 On August 18, 2016, the Financial Accounting Standards Board (FASB) issued new rules for nonprofits: “Accounting Standards Update 2016-14 “Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities.” This is the first major set of changes to nonprofit financial statement presentation standards since 1993. The new rules take effect for fiscal years beginning after December 15, 2017

What organizations are affected by the new guidance?

Oct
11
2016

Changes to Not-For-Profit Financial Statements

The Financial Accounting Standards Board (FASB) introduced changes to not-for-profit accounting [Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities] on August 4, 2016, with the intention that these changes could more easily explain the purpose and mission of each organization via their financial statements.

The proposed changes will add detail to financial statement presentation and disclosure requirements that will deliver more value to not-for-profit stakeholders.

Oct
03
2016

Reporting Requirements of Foreign Investments

shutterstock_158874281 The Internal Revenue Service continues to make changes to the reporting requirements of foreign investments. Not all foreign income, investments, or assets are taxable; there may be a reporting requirement. These reporting requirements are for U.S. Citizens, U.S. Residents, and Business Entities. The foreign earned income exclusion or the foreign tax credit does not exempt you from filing.

One of the reporting requirements is filing a Foreign Bank and Financial Accounts (Form 114) to report financial interest in or signature authority over a foreign financial account.