Memorial Day, holiday, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Memorial Day – Why it Matters

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Once again we are celebrating the beginning of summer with the Memorial Day holiday weekend.  As with every Memorial Day in the United States, the summer begins with backyard and poolside barbecues, the Indianapolis 500, professional and peewee baseball.  Sometimes, certain geographic regions of the country even get to enjoy some playoff hockey. It is, […]

Ralph Lauren, tax court, taxpayer, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Looking to Deduct Your Wardrobe? Be careful!

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In a recent Tax Court decision, the taxpayer, who resided in New York, began employment as a salesman for clothing designer, marketer and distributor Ralph Lauren. That Company required all employees who worked in corporate sales positions to wear Ralph Lauren apparel while representing the Company.  Consequently, the taxpayer purchased Ralph Lauren shirts, pants, ties […]

Tax Court Case Challenges “Reasonable” Compensation

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In an important recent case on reasonable compensation, the Tax Court found for the taxpayer. As is always the case in such circumstances, review of the case can provide valuable insight as to best practices in dealing with similar matters. A deduction for compensation is allowable under the Internal Revenue Code only if the expense […]

Ford Named as GGI North American Audit Practice Chair

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Jeff Ford has been elected to serve as the North American Audit Practice Chair for Geneva Group International (GGI). GGI is the world’s sixth largest organization of independent accounting law and consulting firms with over 500 international members, including nearly 100 in North America. Our membership in GGI, along with Jeff’s role as a an […]

foreign banks, financial accounts, taxation, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Reporting for Foreign Bank & Financial Accounts

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Congress has taken significant steps to ensure that worldwide taxable income subject to United States taxation is properly reported.  A major part of that effort is predicated upon collecting information on foreign bank accounts. For more details about this effort, see our previous FBAR and FATCA post. Reporting Requirements All United States citizens and resident […]

Changes for Lease Accounting

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The long-awaited new FASB standard on lease accounting was issued in February 2016. ASU 2016-02 aims to ensure greater transparency in the financial reporting of leases. It becomes effective in 2018 for public companies, and one year later for private entities. Read the article from the Spring 2016 issue of  GYF Perspectives.

New FASB Guidance on Accounting for Deferred Taxes

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FASB ASU 2105-17 requires all deferred tax assets and liabilities to be classified as noncurrent on an entity’s balance sheet. This ASU becomes effective in 2016 for public companies and 2017 for all other entities. Other important ASUs became effective at the end of 2015. Read the article from the Spring 2016 GYF Perspectives.