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New Bill Requires Additional Mortgage Reporting

As a result of the recent signing of the Stopgap Highway Bill, mortgage servicers will now be required to meet additional reporting requirements. Currently, mortgage servicers are only required to report to the IRS certain information via Form 1098. Under the new bill, mortgage servicers will now need to report additional information such as: Amount of outstanding balance Address of the property Loan origination d... more

Nonqualified Stock Option Tax Treatments

With nonqualified stock options (NQSOs), if the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trading for. This is the same as for the perhaps better-known incentive stock options (ISOs). The tax treatment of NQSOs, however, differs from that of ISOs: NQSOs create compensation income — taxed at ordinary-income rates — on the “bargain element” (the difference be... more

New Revenue Recognition Standard Delays Proposed by FASB

Citing challenges for financial statement preparers to implement the new revenue model, the Financial Accounting Standards Board (FASB) announced earlier this month it voted to approve a proposed one-year deferral of the effective date of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. Should the proposed ASU be approved, companies would follow the following guidelines related to t... more

Tax-Free Distributions With Roth IRA

A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the tradeoff is that contributions to these plans don’t reduce your current-year taxable income. Unfortunately, modified adjusted gross income (MAGI)-based phaseouts may reduce or eliminate your abilit... more

At-Risk Rules: When They Apply to Your Business

Taxpayers that invest in a trade or business or an activity for the production of income can only deduct losses from the activity or business if the taxpayer is at risk for the investment. A taxpayer is at risk for the amount of cash and the basis of property contributed to the activity. Taxpayers are also at risk for amounts borrowed if the taxpayer is personally liable to pay the liability, or if the taxpayer has pledge... more

Large Employers: Time to Plan for ACA Tax Reporting

With the U.S. Supreme Court’s June 25 decision upholding the Affordable Care Act (ACA) yet again, employers subject to the ACA tax reporting provision can no longer afford to put off planning in the hope that the requirements might go away. Beginning in 2016, “large” employers as defined by the act (generally employers with 50 or more full-time employees or the equivalent) must file Forms 1094 and 1095 to provide... more

Tax Impact of Same-Sex Marriage Ruling

On June 26, the U.S. Supreme Court ruled that same-sex couples have a constitutional right to marry, making same-sex marriage legal in all 50 states. For federal tax purposes, same-sex married couples were already considered married, under the Supreme Court's 2013 decision in United States v. Windsor and subsequent IRS guidance — even if their state of residence didn’t recognize their marriage. From a tax planning ... more

FFIEC Releases Cybersecurity Assessment Tool

by Catherine Bruder, Shareholder, Doeren Mayhew In response to the evolving cybersecurity landscape of financial institutions, the Federal Financial Institutions Examination Council (FFIEC) has released its new cybersecurity assessment tool. Financial institutions of all asset sizes are expected to use the assessment tool and it’s supporting documents to assess their cybersecurity risk and preparedness. The asse... more

3 Ways to Correct Retirement Plan Errors

Errors can sometimes occur in the course of administering an employee retirement plan. The IRS’s Employee Plans Compliance Resolution System (EPCRS) offers programs to help employers that sponsor retirement plans correct errors in a timely and cost-effective manner. Background Failure to timely correct plan administration errors can cause a plan to lose its tax-favored status. To reduce this risk, the IRS makes EPCRS ... more

Details Do Matter When Selling Investments

If you don’t pay attention to the details, the tax consequences of a sale may be different from what you expect. For example, if you bought the same security at different times and prices and want to sell high-tax-basis shares to reduce gain or increase a loss to offset other gains, be sure to specifically identify which block of shares is being sold. And when it gets close to year end, keep in mind that the trade da... more
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Doeren Mayhew CPAs and advisors is a certified public accounting firm serving businesses nationwide from offices in Michigan, Houston and Ft. Lauderdale. Our award-winning CPAs and investment bankers provide comprehensive accounting and consulting services, specializing in domestic and international tax planning, construction accounting, manufacturing accounting, mergers and acquisitions, lawsuits and litigation support, business valuations and more. Combining a deeply rooted history with a progressive mindset, the firm offers insight into the business, oversight to ensure best practices and foresight for what's ahead. Visit www.doeren.com for more information.