Search Results for "fica"

As the deadline for filing “FBAR” forms (foreign bank account reporting – formerly filed on Form TDF 90-22.1, now filed on FinCEN 114 and due June 30) draws to a close, a story has emerged of a significant victory for the Treasury Department in their pursuit of non-filers. For those unfamiliar with it, FinCEN 114 forms must be filed to report the balances of foreign financial accounts that collectively exceeded $10,000 during the previous year. No tax at all is due with these forms.

The following information serves as a round-up of some recent accounting developments and proposals, all of which may be of interest to our readers serving in the financial services industry.

At BNN, we work with businesses in a variety of industries that range from start-ups with limited or no sales to mature entities with over $100 million in annual revenue.

On May 28, 2014, the Financial Accounting Standards Board (FASB) finalized its project with the International Accounting Standards Board (IASB) to develop a common revenue recognition standard for all companies that follow U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS).

Do you or your business deduct depreciation expenses for the cost of fixed assets? Do you purchase materials and supplies? Do you deduct repairs and maintenance costs?

For both philanthropic and business reasons, most banks conduct an institutional charitable giving program. While some banks prefer to house their charitable giving programs within the bank itself, other banks have set up their own private foundations to conduct their charitable giving programs.

Over the past several years, compliance activities have increased to keep pace with the ever expanding scope of industry regulations.