BLS Insights

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Month: April 2015

FASB Proposes Improvements to Not-For-Profit Financial Statements

April 22, 2015

Today (04/22/15) FASB issued a proposed Accounting Standards Update intended to improve existing standards for financial statement presentation for Nonprofit Organizations. A summary of the changes is provided, as well as, the full proposed

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Doing Business in a New State? Watch out for Trap Doors

April 13, 2015

Generally the CPA’s relationship with a new client begins due to a need for tax return preparation, financial statement preparation or both. Often, as business thrives and client needs expand, the CPA becomes involved with consulting and providing guidance on significant business decisions.

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The TE/GE FY 15 Program Letter

April 07, 2015

In December of 2014 the Commissioner of the Tax Exempt & Government Entities Division of the IRS (TE/GE), Sunita Lough, issued the TE/GE Program Letter for FY 2015.

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Single Member Limited Liability Companies – Tax Issues

April 01, 2015

I commonly meet taxpayers who are the sole owners of their businesses who wish to incorporate or form a limited liability company (LLC) for legal purposes but may not understand that their decision may have unintended tax consequences or result in other unanticipated costs.

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