Doeren Mayhew has once again been honored by INSIDE Public Accounting (IPA) as one of the nation’s best-managed CPA firms for the 19th year.
Based on more than 70 management and operational metrics, the annual IPA list recognizes the top 50 managed CPA firms among every major accounting firm in the United States. Firms making the list displayed the right combination of planning, strategy and execution, as well as lon... more
The Financial Accounting Standard Board (FASB) announced a new approach would be used to measure inventory in an effort to reduce complexity related to subsequent measurements.
The new Accounting Standards Update (ASU) 2015-11, Inventory (Topic 330),Simplifying the Measurement of Inventory, will apply to all inventory measured using first-in, first-out (FIFO) or the average cost method, not entities that measure invent... more
If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale. And long-term gains on collectibles are subject to a higher maximum rate (28%) than long-term gains on most long-term property (15% or 20%, depending on your tax bracket) ... more
By distributing profits in the form of dividends rather than salary, an S-corporation and its owners can avoid payroll taxes on these amounts. Because of the additional 0.9% Medicare tax on wages in excess of $200,000 ($250,000 for joint filers and $125,000 for married filing separately), the potential tax savings may be even greater than it once would have been. (S-corporation dividends paid to shareholder-employees gene... more
Mortgage interest rates are still at historically low levels, but they’re expected to go up by year end. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help:
Capital Gains Rate - 0%: If the child is in the 10% or 15% tax bracket, instead of giving cash to help fund a down payment, consider giving long-te... more
To offset the cost of the short-term highway bill without raising taxes, new tax compliance measures have been set in place as a result of The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 to help generate revenue. Signed into law on July 31 by President Obama, the new Stopgap Highway Bill changes some filing deadlines, modifies mortgage reporting, clarifies overstatement of basis statute ... more
Deepening its health care industry practice, Doeren Mayhew, a top 100 CPA firm with locations in Michigan, Texas and Florida, announced today it has acquired Michigan-based dental CPA firm, Davis and Davis, P.C.
Effective immediately, the acquired firm will enter into a transition phase operating as Davis + Davis, A Division of Doeren Mayhew, until Oct. 1, 2016, at which point it will fall under the Doeren Mayhew name... more
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
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
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