Search Results for "fica"

The Hiring Incentives to Restore Employment Act, enacted back in early 2010, included a number of information reporting requirements intended to increase worldwide compliance with U.S. tax laws. One of those provisions is Section 6038D, which requires that a new Form 8938 be filed by every specified person who owns specified foreign financial assets (SFFA) with an aggregate value in excess of the applicable threshold amount.

All U.S. and dual citizens, regardless of current residence, must file federal income tax returns if their gross income from all sources is greater than the combined exemption and standard deduction amounts.

The State of Maine recently enacted legislation to require quasi-independent state agencies to adopt certain financial policies and procedures with the goal of ensuring that activities and costs are necessary and reasonable for the agency’s mission. This follows recent recommendations from the Office of Program Evaluation and Government Accountability (OPEGA).

In 2007, the Governmental Accounting Standards Board (GASB) released Concepts Statement No. 4 Elements of Financial Statements which provides a framework for determining the nature of a financial accounting or reporting issues.

The Financial Accounting Foundation (FAF) has established a new body titled the Private Company Council (PCC).

The current economic conditions are forcing many employers to seek creative ways to reduce costs.

Tired of low yields on your investments?  Perhaps you have avoided selling an investment because it was purchased many years ago and you want to avoid tax on capital gain to reinvest in something different?