Coming soon: GASB’s new lease standard

The Governmental Accounting Standards Board (GASB) is set to release a new standard dealing with leasing later this month. The new lease standard is set to be effective for reporting periods beginning after December 15, 2019 and earlier application is encouraged. If you are a state or local government that is involved in leasing, then …

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Does your employee benefit plan need an audit?

If your Company sponsors an employee benefit plan (this includes 401(k) plans), an audit of that plan may be required. What triggers the need for an audit? The number of participants. Plans with 100 or more participants at the start of the plan year are considered “large” and generally require an annual audit, while plans …

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Reminder: changes to fair value measurement disclosures

As you may recall, the Financial Accounting Standards Board (FASB) issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) in May 2015. This ASU was issued as a continuation of the FASB’s ongoing initiative to simplify and improve accounting standards. This …

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Henry+Horne volunteers at Ryan House

On Saturday June 24, six other Henry+Horne team members and I had the privilege of volunteering at a local organization, Ryan House. If you have never heard of Ryan House, please take the time to read this and go to their website, because it truly is an amazing organization. Ryan House partners with families to …

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AZ paid sick leave provisions effective July 1

A big change is happening for ALL Arizona employers in just a couple of days. On November 8th, 2016, Arizona voters passed Proposition 206, The Fair Wages and Healthy Families Act. While the minimum wage portion of this proposition got most of the attention, another far-reaching provision affecting most ALL employers will go into effect …

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Is life changing? Tax planning for your new future

An important part of tax planning includes understanding how changes to your personal life affect your tax situation. If life has thrown you a curve in 2017, or if a planned change is coming, here are things to consider this year: Getting married or divorced? Your filing status is based on your marital status. With …

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IRS FAQs not credible?

As a professional in the tax world we all wish we could know EVERYTHING, all the time, but we find out on a daily basis that this is an impossible standard to set for ourselves. You find yourself asking what was that threshold amount again? Can my client take that deduction in full or is …

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Lifetime gifts v bequests after death

The White House’s proposed tax reform plan includes repealing the estate tax. However, the “plan” is a one page outline with a bullet point simply stating “Repeal the death tax.” There are no details as to when this will occur. Moreover, the repeal could be short lived. As we saw back in 2010, the estate …

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IRS e-services upgrade planned for 2017

The IRS has continued to experience security breaches from identity thieves and, as a result, has endeavored to upgrade IRS e-services with more secure and modern technology. Upgrades are expected to the Get Transcript app, the Identity Protection Personal Identification Number (IP PIN) the e-file PIN, and the data retrieval tool for the Free Application …

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Friday – why’d you have to treat me that way?

I have to admit that Fridays post tax-season have a special place in my heart. I’m able to smile when someone says “Have a good weekend” rather than my inward snarl that takes place when I’m embroiled in the midst of tax season and Fridays hold no significance except as just another work day. So …

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