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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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The Board meeting of the Financial Accounting Standards Board (FASB) on November 22, 2011 could lead to less stringent fair value measurement requirements for nonprofits and nonpublic companies in early 2012. Currently, private companies are required to disclose the basis for valuing Level 3 measurements on the fair value hierarchy, which encompass “significant unobservable inputs” as defined by FASB. The discussion deliberated by Board members was whether or not to continue to require the disclosure of these measurements, as they impose significant costs on private entities.
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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