FASB, ASU, NFP, not-for-profit entities

New FASB Guidance Issued for Not-for-Profit Financial Statements

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More than a year after the proposed changes were presented in an exposure draft in 2015, the Financial Accounting Standards Board (FASB) issued the final Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-For-Profit Entities.  Throughout the process, the FASB garnered feedback and issued updates, and the final […]

IRS Seeing Success in Battle Against Tax Refund Fraud

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The IRS is beginning to win its fight against tax refund fraud. Federal prosecutors have tracked down the suspects in a Pittsburgh case in which several identity thieves stole data from hundreds of UPMC employees and filed false tax returns. See the full article in the Pittsburgh Post-Gazette. For additional posts about IRS efforts to […]

Rental Losses Disallowed for a Licensed Real Estate Agent

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The use of rental losses to offset other types of taxable income has been severely limited since the passive activity rules were added to the Internal Revenue Code in 1986.  These rules mandate that taxpayers cannot offset income, other than passive income, with losses from passive activities.  Generally, under those rules, rental losses are deemed […]

Getting Smarter is Not Necessarily Tax Deductible!

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In a recent Memorandum decision, the Tax Court found that a couple was not permitted to take a tax deduction on their federal income tax returns for certain expenditures that they argued were incurred to “expand their general knowledge”. In the case (Lawrence A. Tanzi, et ux., TC Memo 2016-148 (Tax Ct.), the Internal Revenue […]

estate planning, gift tax, valuation, proposed regulations, Grossman Yanak & Ford LLP

IRS Proposed Regulations to Chart New Course for Gift and Estate Tax Valuations

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After an extended period of threatening to do so, the Internal Revenue Service issued proposed regulations affecting the valuation of closely-held business interests for gift and estate tax purposes. The proposed regulations, under Internal Revenue Code (IRC) Section 2704(b)(4), concern restrictions on valuation discounts pertaining to the transfer of family-owned entity interests. Specifically, the proposed […]

GYF, interns, accounting, CPAs, Pittsburgh, Grossman Yanak & Ford LLP, summer internship

Intern Perspectives

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As they finished their time with GYF and prepared to head back to school, we asked our summer interns to share their thoughts about their experiences. Click on the links below to read their reflections: Matti Huckestein –  Enjoyable & Valuable Experience Lee Wishing – Excellent! – No Question About It Heather Vizino – I Thought I […]

Grossman Yanak & Ford LLP, GYF, CPAs, PIttsburgh, Internet, identity theft, cybersecurity

Cybersecurity for CPAs

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Internet crime and identity theft are two major threats faced by accounting firms in today’s operating environment. New technology is released and implemented every day to allow CPAs to better serve clients. One security breach is all it takes to ruin your firm’s reputation and put you out of business. As such, it is especially […]