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The Financial Accounting Foundation, parent body of the FASB and GASB, has just published its annual report, noting that 2013 is its 40th anniversary. The FASB started its work that same year, and the GASB about decade later, in 1984.
The highlights of the year, according to the report, include the establishment of the Private Company Council, a GASB Study and Post Implementation Review Reports. The annual report also contains a multipage timeline of FAF, FASB and GASB milestones.
The surgeon general may have determined that cigarettes are hazardous to your health, but the New York state tax department has decided they're going to be ruinous to your bank account as well. The penalty for possession of unstamped or unlawfully stamped packages of cigarettes has just quadrupled.
The IRS wants parents to know that school may be out in June, but the child care credit is a year-round benefit, according to a Special Edition Tax Tip. Below is a summary of the key provisions; more information is available in the tip itself and in its additional resources list.
- You must pay for care so you and your spouse can work or actively look for work. Being a fulltime student is considered "working" under this definition.
Emergency service units get a break in New York, thanks to a revised law. Starting June 1, voluntary ambulance services, volunteer fire companies, volunteer fire departments, and volunteer rescue squads will be able to claim a reimbursement of the petroleum business tax. This is in addition to the already existing reimbursements of the excise tax and the state and local sales tax for fuel used in these emergency vehicles.
E-filing continues to grow in popularity, according to a release from the IRS. So far in 2013, more than 43 million people have self-prepared and e-filed their tax returns from home—an increase of more than 4 percent over last year. Tax professional e-filing increased by a smaller amount: 0.1 percent. Total e-filing was up 1.7 percent.
The New York state economy added 23,800 private sector jobs in April 2013, according to a New York State Labor Department release. The state has now reached an all-time high private sector job count of 7,452,100 as of April 2013. The release also noted that between March and April 2013, the state's unemployment rate fell to 7.8 percent, its lowest level since March 2009.
In the old Eddie Cochran rockabilly song, Summertime Blues, a teenager sings about how much he hates having to work during summer vacation. The IRS is showing a little sympathy, with some advice in a recent Tax Tip that makes summertime employment taxes easier to understand and manage for newbie employees. CPAs whose clients have teenagers should feel free to share the guidance.
The New York state pension fund earned an estimated 10.38 percent rate of return on its investments for the fiscal year ending March 31, 2013, according to a release from the state comptroller's office. This drove the fund to a record height of $160.4 billion.
Scandals in Washington are nothing new, and the need to have someone to blame isn't new either. But just who is going to take the heat for the accusations that the IRS gave inappropriately intense scrutiny to conservative groups? You can't fire the commissioner, because the IRS hasn't had an appointed commissioner since Doug Shulman resigned last November. No problem: you can always ask the acting commissioner to leave.
After an exhaustive investigation into college and universities' compliance with regulations governing nonprofit entities, the IRS has released its final report, showing that many institutions of higher learning had done things such as reporting certain losses as connected to unrelated business activities when they were not, making errors in net operating loss calculations, and in apprpriately misclassifying certain activities as exempt or otherwise non reportable on the Form 990.