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While exports of New Hampshire products continue to grow significantly, exceeding $4 billion in 2014, according to the New Hampshire Business Review, many businesses that derive sales from exporting certain goods and services overlook claiming a tax deduction for a portion of their export income when computing their New Hampshire business profits tax. While currently available, the ability to use this benefit could be lost if the state updates its conformity to federal tax laws.

2015 saw several changes that impact the financial reporting of employee benefit plans. The purpose of this article is to provide a roundup of some of them that should be of use to plan administrators and others involved with plan accounting.

Compliance remains a major focus of the Department of Health and Human Services. Through CMS, the OIG and others, oversight of Medicare and Medicaid reimbursement continues to expand. This article summarizes and provides an overview of the recently released 2016 Office of Inspector General (OIG) work plan.

On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 combines existing revenue recognition guidance in U.S. generally accepted accounting principles (GAAP) into a single framework. This article discusses a few of the key areas impacted by ASU 2014-09; however, is not intended to be a comprehensive analysis of the new standard.

Following up on a Tax Advisory we recently sent to announce some broad-reaching changes to IRS capitalization policy, the IRS also released Revenue Procedure 2015-56 a few weeks ago that impacts certain retailers and restaurant owners. It provides a new safe harbor taxpayers may utilize when analyzing remodeling costs on certain retail or restaurant property, providing them with a method whereby they can confidently deduct, immediately, a significant portion of certain costs that otherwise might have to be capitalized and depreciated.

In October of 2014, the IRS Large Business & International Division released Directive 04-1014-008 to its auditors instructing them not to challenge bad debt deductions of banks using the specific charge-off method, provided that the deductions do not exceed the loan charge-offs and debt securities impairment write downs reported by the bank to its regulators and/or on its SEC filings.

Just in time for Thanksgiving, the IRS made some changes for which many taxpayers will be thankful.