June 28, 2015/Press Release
Scotti Teschke joins Smith Leonard as Assurance Senior Manager
Smith Leonard PLLC announces they have expanded their assurance team with the addition of new hire Scotti Teschke as Senior Assurance Manager.
Foreign Financial Account Reporting Due by June 30
AFFECTING Any United States persons with a financial interest in or signature authority over foreign bank and financial accounts (“FBARs”) with a total balance exceeding $10,000 at any time during the calendar year.
Trade Legislation Tax Provisions
Just before recessing for the Independence Day holiday, Congress passed two trade bills with important tax changes affecting individuals and businesses. The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (HR 2146) and the Trade Preferences Extension Act of 2015 (HR 1295) are expected to be signed into law by President Obama as soon as they reach the White House.
Important Supreme Court Decisions Affecting ACA and Same-Sex Marriage
The U.S. Supreme Court has handed down two much-anticipated decisions: one on the Affordable Care Act’s key provision, the Code Sec. 36B premium assistance tax credit; and another on same-sex marriage nationwide. In King v Burwell, SCt, June 25, 2015 (2015-1 ustc ¶50,356), the Court ruled 6 to 3 that the Code Sec. 36B credit is available to enrollees in both federally-facilitated and state-run Exchanges (currently commonly referred to as Marketplaces). In Obergefell v. Hodges, SCt, June 26, 2015 (2015-1 ustc ¶50,357), the Court ruled 5 to 4 that the Fourteenth Amendment requires a state to license a marriage between two people of the same sex and to recognize a marriage between two people of the same sex when a marriage was lawfully licensed and performed out of state. Both decisions have far-reaching tax consequences.
June 28, 2015/Accounting and Auditing
2015 Significant Accounting and Reporting Matters
The amendments in this Update represent changes to clarify the FASB Accounting Standards Codification (ASC), correct unintended application of guidance, or make minor improvements to the ASC that are not expected o have a significant effect on current accounting practice or create a significant administrative cost to most entities.
June 24, 2015/Not-For-Profit
Nonprofit Standard – Summer 2015
The Great Recession profoundly impacted the nonprofit sector. During an era in which both government funding and overall charitable giving declined, many organizations were forced to decrease their services in order to survive. At the same time, others did not fare the economy’s dire straits, and were forced to shut their doors for good.
June 1, 2015/Furniture Insights
June 2015 Furniture Insights
New orders in April 2015 were up 3 percent over April 2014 orders based on our recent survey of residential furniture manufacturers and distributors. In 2014, orders for April were up 13 percent over April 2013, but as we mentioned last year, market dates have an impact of orders written in April. The April 2014 market started April 5, versus starting April 20 in 2013 and April 18th in 2015, so the lag in orders after each market shifts some results into May.