BLS Insights

Discover the depth of BLS knowledge and information.

Month: March 2017

Preparing for FASB’s Not-for-Profit Update

March 29, 2017

In August 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-14, Not-for-Profit Entities, with the intent of providing more useful information to donors, grantors, creditors, and other users of not-for-profit (NFP) financial statements.

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Saving For Your Child’s Education

March 27, 2017

The cost of education continues to rise each year so it is helpful to be aware of some programs that allow parents to save for the cost of their children’s education.

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New Diversification Requirements for Captive Insurance Companies

March 17, 2017

Last December when Congress passed the Protecting Americans from Tax Hikes Act of 2015, or PATH Act as it is more commonly known, many tax provisions were impacted.

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Noncash Contributions Aren’t Always So Kind to Nonprofits

March 14, 2017

Charities and nonprofits love to receive donations, but many face challenges when they get noncash contributions, or “gifts in kind.”

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Tax Consequences of Divorce: Part 1 – Alimony and Child Support

March 10, 2017

Alimony is a payment made to a former spouse under a divorce or separation agreement.

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IRS Enforcement of ACA (Obamacare)

March 08, 2017

In accordance with President Trump’s executive order calling on agencies to ease up on ACA (Obamacare) regulations, the IRS made changes whereby it will not reject a 2016 tax return for processing just because the taxpayer does not indicate their coverage status in Box 61.

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Hiring Children in the Family Business

March 01, 2017

If your kids have been begging you for money and you need a little extra help running the family business, it may be beneficial to the whole family to start putting them to work after school or during the summer.

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Need Additional Information?

If you need more information, please contact us so we can connect you with one of our CPA advisors who will be committed to your business and personal success. BLS is here to help!