Archive for May, 2015

Upcoming Changes to Not-for-Profit Accounting

Those who prepare not-for-profit financial statements face significant changes, thanks to a new guidance proposed in April of 2015 by FASB. Practitioners…

2015 Tax Return Filing Deadline

The IRS announced in Revenue Ruling 2015-13 the filing deadline for 2015 income tax returns for individual taxpayers will be Monday, April…

“Jock Tax” Update: Cleveland Files Motion for Reconsideration

Cleveland city attorneys filed a motion for reconsideration in response to the Ohio Supreme Court’s decision that the city’s method for taxing professional athletes…

Professional Athletes: State Income Tax Planning

The NFL recently held its 2015 draft in Chicago, Illinois for the first time in 51 years where 256 former college athletes…

IRS Releases HSA Adjustments for Tax Year 2016

The Internal Revenue Service released Revenue Procedure 2015-30 on May 4th, 2015 providing the 2016 inflation adjustments for Health Savings Accounts (HSAs). …

Cleveland’s “Jock Tax” Under Scrutiny

Several professional athletes have questioned the method that the city of Cleveland is using to tax their income earned when working for…