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News
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Clarifying the credit loss standard
- January 28, 2020
- Posted by: Hood & Strong
- Category: FASB
No CommentsAccounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, will change the way banks and other creditors report losses from soured loans. With the implementation deadline looming for most public companies, accountants have some lingering questions about the details of the updated guidance. So,
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More companies to be exempt from auditor attestation of financial controls
- January 28, 2020
- Posted by: Hood & Strong
- Category: Uncategorized
The Securities and Exchange Commission (SEC) is moving full steam ahead on plans to finalize a controversial rule that would exempt more than 500 additional companies from the auditor attestation of financial controls. This attestation is required for most public companies under Section 404(b) of the Sarbanes-Oxley Act of 2002. Several large investor groups oppose
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Charitable IRA rollover eases tax pain of RMDs
- January 28, 2020
- Posted by: Hood & Strong
- Category: Uncategorized
One downside of contributing to a traditional IRA is that, once you reach age 70½, you must begin taking required minimum distributions (RMDs) — and pay taxes on those distributions — whether you need the money or not. But if you’re charitably inclined, you can use a qualified charitable distribution (QCD) to avoid taxes on
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Excess business loss rule may be unfavorable to you
- January 28, 2020
- Posted by: Hood & Strong
- Category: TCJA
Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance of double taxation and the potential ability to deduct losses from the business on their individual tax returns. But the Tax Cuts and Jobs Act (TCJA) has placed
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The SECURE Act changes the rules for employers on retirement plans
- January 28, 2020
- Posted by: Hood & Strong
- Category: Uncategorized
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden
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2020 Tax Calendar – Important Deadlines
- January 27, 2020
- Posted by: Hood & Strong
- Category: Uncategorized
To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31
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Tax Alert: Exempt Organization Mandatory E-filing Reminder
- January 3, 2020
- Posted by: Hood & Strong
- Category: Tax Alert
The Taxpayer First Act, enacted July 1, 2019, changed requirements for tax-exempt organizations to mandatory electronic file returns in the Form 990 series and Form 8872. For 990 and 990-PF filers, the requirement will apply to tax years beginning after July 1, 2019. In other words, returns with tax years ending July 31, 2020 must
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Tax Alert: Private Foundation Excise Tax Rate Changed to 1.39%
- January 3, 2020
- Posted by: Hood & Strong
- Category: Tax Alert
The Further Consolidated Appropriations Act of 2020, signed into law on December 20, 2019 as part of a spending bill, modified the private foundation excise tax rate to a flat 1.39 percent rate instead of the 2 percent or 1 percent rate dependent on distributions for charitable purposes. The new tax rate is effective for
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Tax Alert: Nonprofits Are No Longer Subject to Tax on Value of Transportation and Parking Benefits
- January 3, 2020
- Posted by: Hood & Strong
- Category: Tax Alert
Tax Alert Update: Nonprofits Are No Longer Subject to Tax on Value of Transportation and Parking Benefits Late on December 20, 2019, President Trump signed the year-end spending bill that included the repeal of tax on the value of transportation and parking benefits also known as the “church parking tax.” The provision will apply retroactively.
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Defining “materiality”
- December 10, 2019
- Posted by: Hood & Strong
- Category: AICPA
The concept of materiality is used to determine what’s important enough to be included in — and what can be omitted from — a financial statement. In late October, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) voted to finalize a revised definition of materiality in its professional standards.