We are pleased to provide our clients and friends with this electronic version of BC Ideas, Strategies, Success. Click the links below to read this month’s featured articles:
Accounting and Assurance:
Are You Leasing Fixed Assets?
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have previously agreed that leases with terms of longer than one year would be recorded on the balance sheet by lessees…Click here to read complete article.
Tax:
Mid-Year Brings No Resolution to Fate of Bush-Era Tax Cuts
Hopes for a pre-election resolution to the fate of the Bush-era tax cuts, extenders and other tax incentives are quickly fading as summer approaches…Click here to read complete article.
Coordinating Education Tax Incentives
Education tax incentives are often underutilized because the rules are so complex. Some of the incentives are tax credits; other deductions…Click here to read complete article.
FBARs for 2011 Are Due By June 30, 2012
A U.S. person with financial interests in or signature authority over foreign financial accounts generally must file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) if, at any point during the calendar year, the aggregate value of the accounts exceeds $10,000…Click here to read complete article.
Texas Amnesty Program to Begin June 12, 2012
The Texas Taxpayer Amnesty Program, Project Fresh Start, will run from June 12 through August. 17, 2012…Click here to read complete article.
Which Tax-Free Fringe Benefits Can Passthrough Owners Claim? – Part 1
Partnerships, limited liability companies (LLCs) treated as partnerships, and S corporations have distinct tax and non-tax advantages. However, entrepreneurs considering these forms of business should be aware that fewer tax-free and tax-favored fringe benefits are available to owner-entrepreneurs of passthroughs than to shareholder-employees of C corporations…Click here to read complete article.
Not-For-Profit:
Government Auditing Standards Revisions
Government Accountability Office issued the final 2011 revision to Government Auditing Standards which will supersede the 2007 revision of Government Auditing Standards…Click here to read complete article.
Health Insurance Tax Credit Available to Churches Paying Health Insurance
Churches currently paying their employees health insurance benefits may be overlooking thousands of dollars in potential tax credit refunds on payroll taxes, paid and withheld, on behalf of their employees…Click here to read complete article.
Firm News:
Bruner-Cox LLP Finishes Strong
