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INSIDE Public Accounting Names Doeren Mayhew ‘Best of the Best’ CPA Firm

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

FASB Offers Simplified Approach to Measuring Inventory

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

Donating Collectibles: What You Should Know

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

Determining Compensation for S-Corp Shareholders

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

Buying Your Child A Home? Act Soon

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

Stopgap Bill Imposes New Tax Compliance Measures

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

Doeren Mayhew Acquires Michigan-Based Dental CPA Firm Davis and Davis

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

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
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© Copyright 2015 Doeren Mayhew. Known Internationally as Moore Stephens Doeren Mayhew, P.C. All Rights reserved.

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.