Monthly Archives: February 2015

Written by Guy Schmitz J.D., LL.M.   When advising on choice of entity, practitioners will sometimes recommend that a client form a limited liability company, which then elects to be taxed as an S corporation.  There are good reasons for this recommendation, all touching upon state taxation.  Whether the federal election is automatic at the […]

Catch up on all of President Obama’s proposed changes to IRAs in the proposed budget for 2015 from Surgent Chairman Jack Surgent. These proposed changes include:   Limiting the ability of taking stretch payments to anyone other than a non-spouse. Currently, individuals are able to leave money in their IRA to children or grandchildren. Limiting […]

Last month, President of Accountants Advisory Group Joseph Tarasco spoke with about what changes we might see in the accounting industry this year. Tarasco shared his predictions for what might take place in 2015 and identified critical industry trends.   Fee pressures, rising staff labor costs and lack of quality staff will force firms […]

On January 24, 2015, the AICPA Auditing Standards Board (ASB) issued four auditing interpretations to address issues related to the SAS No. 126, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted) (AICPA, Professional Standards, AU-C Section 570). In 2014, the FASB released Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure […]