Has your corporation recently paid distributions, issued a stock split or acquired or merged with another company? If so, and if those actions altered a shareholder’s stock basis, you may be required to report those actions to the IRS by filing Form 8937 – a requirement that did not exist
The pace of accounting changes took a slight break heading into 2012. While there are some changes, they are not widespread and focus on disclosures.
Do you or your business own business property that is depreciated? If the answer to that question is yes, some new Treasury Regulations that were released in late December of 2011 will impact you.
In today’s global economy, it is very common for individuals, companies, partnerships, trusts or estates to have one or more foreign financial accounts. A foreign financial account broadly includes any type of a bank account, securities account, mutual fund account, unit trust account, securities derivatives account or other financial instruments account that is located outside of the United States.
Any company that is involved in the processing of credit card transactions is, or should be aware of the Payment Card Industry [PCI] Data Security Standards [DSS]. Credit card companies have gotten serious about compliance with these standards – merchants and service providers are subject to considerable penalties if the standards are not met.
Change is good!” we often are encouraged to believe. However, some law changes in the last year or so significantly expanded Form 1099 filing requirements, and the rules were widely panned. The onerous burden created by the new rules left many business owners (and their accountants) howling for a reversal and Congress listened.
This summer, the State of Maine enacted budget legislation (L.D. 1043) significantly affecting various Maine tax laws. A previous article addressed some of the changes that primarily impacted businesses. This article will discuss some of the legislative provisions that will benefit individual and fiduciary taxpayers and estates, and (similar to the changes impacting businesses) promote capital investment in Maine.