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They say it is important to remember where you have been to know where you are going. So as we journey into another tax season, this article briefly discusses the significant state business tax legislation, specifically with respect to New Hampshire’s Business Profits Tax (“BPT”) and Business Enterprise Tax (“BET”), that has been enacted over the last several years, as well as proposed legislation that may impact business taxes in the future.

This year you may receive new tax forms to add to the documents already accumulating in your tax file. The Health Care Information Forms for Individuals (Forms 1095-A, 1095-B and 1095-C) are required under the Affordable Care Act (ACA) and include pertinent information about health care coverage you and your family had or were offered in 2015.

If a federal budget proposal materializes, it could send S-corporations down the path of the 8-track player. A lot of proposed rules come across tax accountants’ desks, and the shrewd advisors will not worry too much over things that may never materialize. Instead, they laugh, cry or curse about the further evidence of a dysfunctional relationship between the country’s executive and legislative branches of government, and focus on what the proposals might mean to their clients.

At the close of the 2015 calendar year United States Senate Bill 2425 – Patient Access and Medicare Protection Act – was signed into law by the President. Among S.2425 features includes an enhanced exemption provision for Meaningful Use Eligible Providers.

On November 11, 2015, the FASB established the effective date for the proposed new lease accounting standard, which has been in the works since the original exposure draft was released in 2010, and is expected to be issued in the first quarter of 2016.

On January 5, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.”

Professional service firms generally start small—a one-person practice, perhaps—and then add people and routines that eventually define the culture of the firm. Often without careful deliberation, the relationships between the people in the firm become entrenched, and eventually a need arises to describe those relationships in documents of increasing formality.