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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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We have been closely following the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in their deliberations since the Original Exposure Draft was issued in August 2010. We wanted to share the attached White Paper prepared by CBRE, Inc., a real estate brokerage and advisory firm, that effective summarizes frequently asked questions on the proposed changes.
The U. S. Office of Management and Budget (OMB) has issued for comment an Advance Notice of Proposed Guidance titled, Reform of Federal Policies Relating to Grants and Cooperative Agreements; cost principles and Administrative requirements (including Single Audit Act) (Advance Notice).
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