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Congress Permanently Extends Several Tax Provisions
Posted by Chrissy Hammond on Fri, Dec 18, 2015 @ 05:27 PM

President Obama has said he will sign The Protecting Americans from Tax Hikes Act of 2015 (PATHA), which for the first time permanently enacts a number of the tax breaks generally dubbed the “Extenders” because of the need to extend them repeatedly year after year.

The House of Representatives passed the bill on December 17 and the Senate followed suit the next day. This represents the opportunity for an extended period of certainty for taxpayers who rely on these tax incentives but have to wait until December of each year to make business and personal decisions affected by them.

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Topics: Tax Extenders, Taxes, Congress

FASB Update Eliminates the Current Portion of Deferred Taxes
Posted by Chrissy Hammond on Tue, Dec 8, 2015 @ 08:00 AM

Entities will soon be required to present deferred tax liabilities and assets as noncurrent in their financial statements. The Financial Accounting Standards Board (FASB) recently released an accounting standards update (ASU) to reduce the complexity in current practice. ASU 2015-17 Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes modifies current generally accepted accounting procedures (GAAP), in which entities separate deferred income tax liabilities into current and noncurrent accounts in their statement of financial position.

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Topics: GAAP, FASB, deferred tax, Financial Accounting Standards Board

Ignore the New Partnership Audit Rules at Your Peril
Posted by Chrissy Hammond on Mon, Dec 7, 2015 @ 02:51 PM

Generally effective starting in 2018, the recently passed Bipartisan Budget Act of 2015 repeals the current TEFRA unified partnership audit procedures (TEFRA) and special rules relating to electing large partnerships (ELPs). The repeal of TEFRA represents the most significant change in the way that partnerships will be examined since the rules were first introduced in 1982. The purpose of the new partnership rules is to streamline partnership audits into a single set of rules for both the partners and the partnership. The new regime generally provides for assessment and collection of underpaid taxes, penalties and interest at the partnership level. The partnership may elect, however, to assign the assessment of underpaid amounts in the current year to those who were partners in the year to which the adjustment relates. Further, partnerships with 100 or fewer qualifying partners annually may opt out of the new rules, electing instead to be subject to audit at the level of each individual partner.

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Topics: TEFRA, IRS, ELPs, Bipartisan Budget Act

Economic Growth is Accelerating in New England [1]
Posted by Ross Gittell and Edinaldo Tebaldi on Thu, Dec 3, 2015 @ 09:06 AM

The New England economy experienced a significant contraction during the 2008 Great Recession, but since 2010 it has been on a recovery path. From 2009 to 2014, real gross domestic product increased at an annual rate of 1.2 percent in New England compared to an annual rate of 1.6% in the nation (see Figure 1). While these growth rates are considerably slower than those pre-recession, they represent a fundamental shift compared to negative growth rates in 2008 and 2009. In addition, just released forecast by the New England Economic Partnership (NEEP) indicates that economic conditions will continue to improve and that overall growth will be relatively higher over the next couple of years in the New England region. The forecast for the region is that real gross domestic product will increase at an average annual rate of 3.2 % from 2015 to 2016. This is slightly lower than the 3.3 % forecast for the United States. Thus, the New England economy is on a path to experience economic growth as strong as that observed before the 2008 recession. However, the forecast also suggests that uncertainty and headwinds may slowdown growth in the New England region in 2017 and 2018.

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IRS Increases De Minimis Safe Harbor to $2,500
Posted by Bob Smith on Wed, Dec 2, 2015 @ 09:35 AM

The final tangible property regulations issued in 2013 provide a safe harbor election that allows qualifying businesses to immediately deduct purchases of tangible property below certain dollar thresholds. For taxpayers that do not have an applicable financial statement (typically an audited financial statement) (“AFS”), the dollar threshold was $500.The IRS received many comments suggesting that the $500 threshold was too low to effectively reduce the administrative burden of complying with the capitalization requirement for small businesses. After consideration of these comments, the IRS recently announced that the de minimis safe harbor threshold would be increased to $2,500 beginning with 2016 tax years. The dollar threshold for taxpayers with an AFS remains at $5,000.

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Topics: Tangible Property Regulations, IRS Updates, Bob Smith

FASB to Draft Final Leasing Standard Update
Posted by Kristen Shepley on Tue, Dec 1, 2015 @ 09:17 AM

The Financial Accounting Standards Board (FASB) is nearing the end of its deliberations on the proposed Accounting Standards Update to Leases (Topic 842). Part of a joint project with the International Accounting Standards Board (IASB), the FASB's proposed update to Topic 842 would create two models for lease classification, Type A and Type B. The FASB's proposed update would be slightly different from the IASB's, which decided on a single model (Type A) for lessee accounting. In both the FASB's and the IASB's proposed updates, lessor accounting determines the lease classification on the basis of whether the lease is effectively a financing or a sale, rather than an operating lease.

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Topics: FASB

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