Proposed Accounting Changes for Not-for-Profits

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The Financial Accounting Standards Board (FASB) recently released an exposure draft of a Proposed Accounting Standard Update which will impact Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954). The objective of the update is to improve the requirements for net asset presentation and improve the information in the financial statements and notes relating […]

FBAR Filing Deadline is June 30

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U.S. citizens and resident aliens with an interest in or signature or other authority over foreign financial accounts, whose total value exceeded $10,000 at any time during 2014 must file Form 114 [Report of Foreign Bank and Financial Accounts (FBAR)] with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by June 30, 2015. Note that […]

IRS Joining Forces with Private Sector to Fight Identity Theft

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There is, perhaps, no problem looming larger with the Internal Revenue Service than taxpayer identification protection. The recent news of an IRS data breach bodes poorly for the Agency as its ongoing efforts to thwart stolen identities has been less than successful. Now the Internal Revenue Service has announced that it is collaborating with leading […]

PA Property Tax: Rebate Program Application Deadline Extended

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The application deadline has been extended from June 30, 2015, to December 31, 2015 for older adults and residents with disabilities to apply for rebates of rent and property taxes paid in 2014. This program can serve as an important financial aid to those qualifying for the benefits. It costs nothing to apply for a […]

Selecting a Cloud-Based Software, Data Storage and Other Services Provider

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Everyone by now has knowledge of a virtual computer concept generally referenced as “the cloud.” Over the last several years more and more companies are actively exploring their information technology options relating to cloud-based software, data storage and other available services. Law firms are no exception and the American Bar Association (ABA) now reports that […]

Attorney-Client Privilege Protected for Company’s Internal Documents

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In a good win for the taxpayer, the state of California Northern District Court denied enforcement of an Internal Revenue Service Summons requesting certain taxpayer information prepared by the corporation’s internal legal team for use by its external legal team. To support its worthless stock deduction of approximately $503 million, Sanmina Corporation provided the Internal […]

Proposed Legislation Could Affect Taxes in PA

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Legislation that proposes to reduce school property taxes in every district in Pennsylvania was passed by a 105-86 vote by the Pennsylvania House of Representatives on May 13, 2015. House Bill (HB) 504, which is similar to Governor Tom Wolf’s budget that was proposed in March, would increase the current 6% sales and use tax […]