FASB ISSUES ASU 2016-14, PRESENTATION OF FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES. The standard aims to improve presentation of financial information, ultimately making not-for-profit financial reporting statements more informative, transparent and useful to donors, grantors and other users. This is the first major change to the nonprofit financial statement model in over 20 years. Please follow… Read more What Nonprofits Need to Know…..

Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you would shop around for the best price for food, clothing, or merchandise, you want to consider opportunities to reduce or defer your annual tax obligation. This Tax Letter is intended to assist you in that effort. Please… Read more 2015 YEAR-END TAX PLANNING FOR INDIVIDUALS

The time to consider tax-saving opportunities for your business is before its tax year-end. Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Other opportunities may apply only to a particular type of business organization. This Tax Letter is organized into sections discussing year-end,… Read more 2015 YEAR-END TAX PLANNING FOR BUSINESSES

Summary Two Governmental Accounting Standards Board (GASB) Statements effective for fiscal year ending June 30, 2015; and, Other Accounting Topics General As we begin the new fiscal year, McAbee, Schwartz, Halliday & Co. wanted to take a moment to discuss a topic which has been heavily publicized over the past year in regards to the… Read more GASB 68 & 71 Implementation and Other Accounting Topics

Summary Two Governmental Accounting Standards Board (GASB) Statements effective for fiscal year ending June 30, 2015; Project Master for FY2015 Grants; Other Topics of Interest for School Finance Officers. General The summer is coming to an end which means year-end closeouts, teachers and students coming back to school and the start of a new fiscal… Read more GASB 68 & 71 Implementation, Project Master and Other School Finance Topics

As the year begins, this can be an excellent time to review your financial circumstances. You can look back at 2014 and see how much money came in and where it went during the year without adjusting for seasonal variations. The knowledge you’ll obtain by creating a personal cash flow statement can help you make… Read more Create a Personal Cash Flow

Like anyone else, business owners can begin the New Year by vowing to lose weight and revisit their insurance coverages during 2015. However, you probably should make (and implement) a separate set of resolutions to help your company prosper this year. Here are some suggestions you can consider: Turn over your paperwork – Finish your financial… Read more New Year’s Resolutions for Business Owners

Moving money from a tax deferred retirement account to a potentially tax-free Roth IRA usually will trigger income tax. That won’t always be the case, though, thanks to recent IRS announcements. Some examples show how this can work. Example 1: Nancy Martin has participated in her company’s 401(k) plan for many years. She typically has… Read more Tax Free Roth IRA Conversions

Donating appreciated assets (including securities) can be a thoughtful tactic for people who can’t offset capital gains with capital losses. Example 1: Lynn Knight invested $8,000 in an aggressive stock fund in 2009. The shares are now worth $20,000, thanks to some excellent selections, but Lynn believes it is time to take her gains. Selling… Read more Year-End Charitable Tax Planning

Besides donating appreciated securities to charity, another solution for avoiding highly taxed capital gains on these securities is to transfer the relevant assets to a family member in a lower tax bracket. The recipient might be able to sell and pay little or no tax on the sale. Example: Grace Fulton invested $10,000 in ABC… Read more Year-End Family Tax Planning