Farmers to Reap Benefits from Provisions of the Tax Cuts and Jobs Act (TCJA)

(May, 2018)

There is often uneasiness regarding the unknown surrounding tax reform.  Business owners are left wondering if changes will impact them in a positive way.  It appears that changes made by the recent passing of the TCJA may create better opportunities for farmers.  Some of these changes are listed below.

Depreciation

Depreciation is one area of the recent tax law changes that provide farmers multiple tax planning opportunities.  

Changes to NFP Reporting Standard Pt. 3

(Apr, 2018)

After covering the area of net asset classification in our thought leadership article series relating to Financial Accounting Standards Board’s ASU 2016-14, “Presentation of Financial Statements of Not-for-Profit Entities,” the next significant area of reporting change is liquidity and availability of resources.  Current not-for-profit (NFP) reporting standards do not require an organization to clearly report any restrictions they might have on the availability of their liquid resources.  This makes it difficult for users

Changes to NFP Reporting Standard Pt. 2

(Apr, 2018)

As we communicated in our first thought leadership series article relating to the Financial Accounting Standards Board’s ASU 2016-14, “Presentation of Financial Statements of Not-for-Profit Entities,” the most significant changes of this reporting standard can be summarized in the following areas:

CPA Client Tax Letter - April/May/June 2018

Changes to NFP Reporting Standard Pt. 1

(Apr, 2018)

As we mentioned before, 2018 will be a busy year for not-for-profit (NFP) organizations.  The most important and time-consuming pronouncement issued by the Financial Accounting Standards Board (FASB) affecting organizations beginning with December 31, 2018 year-ends is ASU 2016-14, “Presentation of Financial Statements of Not-for-Profit Entities.”  The FASB believes this new standard will make financial statement reporting more comparable, easier to understand, and more useful as there will be information on liquidity, financial performance, nature of expenses, and more.

Tax Scams to Watch Out For in 2018

(Feb, 2018)

It is everyone's favorite time of year again, tax filing season. You gather up your tax documents, send them to your trusted tax professional, and wait for confirmation that your tax return has been filed. Then, you notice a refund in your bank account that does not seem right. Someone claiming to be an IRS representative leaves a message saying your refund was erroneous, demanding you return the refund to them.

The New Audit Regime

(Feb, 2018)

On November 2, 2015 “The Bipartisan Budget Act of 2015” (BBA) was signed into law by then President Obama. As part of this legislation the existing rules for auditing large partnerships were changed and replaced with new rules that went into effect January 1, 2018. 

Beyond the Numbers: Kyle Unser

(Feb, 2018)

Kyle Unser recently joined Dermody, Burke & Brown as an Associate in the New Hartford office.

He received a Bachelor of Science degree in Accounting and is in the process of completing his Master’s degree in Accounting from SUNY Polytechnic Institute. Prior to joining the Firm, Kyle worked as an intern at Dermody, Burke & Brown in the New Hartford office. He is working to complete the certification process to earn his designation as a Certified Public Accountant (CPA). Kyle resides in Frankfort, New York.

2018 Will be a Busy Year for Not-for-Profit Organizations

(Feb, 2018)

If your organization has a December 31st year-end, thoughts (or nightmares) of your upcoming financial statement audit and IRS Form 990 filing can’t be too far away.  For many CFOs the workpaper preparation process has already begun.  Also, if your organization is required to submit a Consolidated Fiscal Report to New York State, then there’s that May 30th extended due date looming as well.

CPA Client Bulletin - February 2018

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