In recent months, police in Michigan have reported an increasing number of incidents of this fraud. In most cases, the fraud is only discovered if your employee attempts to file an unemployment claim and learns that a claim has already been filed; an employee receives a statement of benefits from the insurance company, or an employee's federal or state income taxes are intercepted.
WannaCrypt is a serious ransomware attack that has caused major interruptions to individuals, businesses and governments around the world. However, what gives this ransomware teeth is that it took advantage of a vulnerability in Microsoft operating systems that has been public knowledge. Anyone who was using an operating system newer than Windows XP, could have simply patched their workstation and their only risk was to click on a link they shouldn't have. The problem is many people and organizations haven't patched their computers or are still running Windows XP.
The Financial Accounting Standards Board (FASB) issued a new Accounting Standard Update in early 2017 (ASU 2017-05) to clarify guidance on Accounting Standard Codification (ASC) Subtopic 610-20 - Gains and Losses from the Derecognition of Nonfinancial Assets. All public entities should apply the amendments in ASU 2017-05 to annual reporting periods beginning after Dec. 15, 2017.
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2017-08 to update the amortization period of certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Entities generally amortize the premiums and discounts on callable debt securities over the contractual life of the instrument under current GAAP.
President Donald Trump imposed a tariff on importing Canadian softwood lumber. Tariffs between 3 and 24.1 percent are to be imposed on five Canadian lumber companies: West Fraser Mills, Tolko Marketing and Sales, J.D. Irving, Canfor Corporation and Resolute FP Canada.
Yesterday, the House of Representatives passed the American Health Care Act (AHCA) in a narrow vote of 217 to 213 after the bill had been amended from its previous version proposed a few weeks earlier. The AHCA is new proposed legislation that will repeal and replace parts of the Affordable Care Act (ACA) which is currently the law of the land. While this is only the first step of the new legislation, here are a few of the highlights of the bill.
There are several reasons for which a public charity can loss its tax-exempt status – and the most common is also the most easily avoidable. Each year thousands of nonprofits loss their tax-exempt status for failure to fulfill annual filing requirements. More specifically, they fail to file the Form 990, Return of Organization Exempt From Income Tax.
When auditors of not-for-profit organizations can provide the optimal level of assurance on an organization's financial statements, the report will say “the financial statements present fairly, in all material respects, the financial position of the organization and the changes in its net assets and cash flows.” The question naturally arises, then: what is meant by “material”? Auditing standards define materiality as something that could influence “the judgment of a reasonable person relying on the information.” Thus, materiality is not only quantitative but qualitative as well.
Yesterday, the White House released President Donald Trump's tax reform plan to the public. The proposal aims to drastically cut corporate taxes as well as provide tax relief for individuals, with middle-income families as the primary target. The goal of the tax reform is to create economic growth, and American jobs, and to lower the business tax rate to one of the lowest in the world. The proposed tax reform plan is being touted as one of the biggest individual and business tax cuts in American history.
Now that the initial April 18 personal income tax deadline has passed, the Internal Revenue Service has released six major changes to collection policies. Taxpayers that have outstanding balances due to the IRS can expect to be impacted in more ways than the traditional paper notices that arrive by mail every few weeks. The changes are designed to be motivation for delinquent taxpayers to settle all tax debts sooner rather than later.