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By Carolyn C. Quill, CPA Two major pieces of tax reform legislation, the Patient Protection & Affordable Care Act and the American Taxpayer Relief Act of 2012 (the Acts), went into effect in 2013. As a result of these Acts, S corporations are now a better choice for many active closely held business owners, since S corporations provide business owners with a unique opportunity to lessen their tax burdens not available to other types of entities. Accordingly, now is the right time to revisit your choice of entity as well as reviewing your tax planning opportunities.
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Tax season and the Fourth of July are in the rear-view mirror. It’s time to look forward to a little rest and relaxation before the end of summer. Has the thought of working on your financial plan slipped to the bottom of your summer to-do list?
During 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
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