The American Institute of Certified Public Accountants (AICPA) held its annual National Not-For-Profit Industry Conference in Washington, D.C. from June 8 through June 10, 2011. Anstiss & Co. sends multiple staff members to the AICPA Conference each year to stay abreast on the current and developing issues affecting our not-for-profit clients. Once again, the Anstiss [...]
On June 17, 2011, the Massachusetts Society of Certified Public Accountants (MSCPA) held its first annual CPA Day of Service, offering CPAs an opportunity to volunteer and make a positive impact in their community. Anstiss & Co. CPAs Mary Tiano and Brendan Toolin partnered with Junior Achievement of Northern New England and spent the morning [...]
The decision whether to start receiving Social Security benefits at age 62 or wait until later needs to be weighed carefully as the amount of your Social Security benefits will be affected by when you choose to start receiving them. The amount of your Social Security benefits increases every year you wait to start receiving [...]
The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 repeals the expanded 1099 reporting requirements which were to take effect in 2011 and 2012 from the 2010 Patient Protection and Affordable Care Act as well as the 2010 Small Business Jobs Act. As a result of the repeal, 1099 reporting [...]
Do you have a financial interest in or signature authority over a foreign financial account? If so, you may need to file the Report of Foreign Bank and Financial Accounts – Form TD F 90-22.1 (the “FBAR”) by June 30. There is no fee to file it, however noncompliance penalties start at $10,000 and can [...]
It is amazing how much information is available in cyberspace for those who know where to look. With the IRS’ push for transparency, Not-for-Profit Organizations (NPOs) are required to make their annual filings and governing documents open to public inspection. Sometimes that happens without the organization even being aware of it. There are a multitude [...]
Are you experiencing sales growth and considering expansion in the near future? Are you struggling to meet the minimum cash flow needs to stay in business? If either of these situations applies to your business, you may be considering borrowing additional funds to meet the needs of your business. Today’s credit market is completely different [...]
Taxpayers who converted a traditional IRA to a Roth IRA in 2010 have two options for reporting the related income on their tax returns: Pay the tax on your 2010 Tax Return If you are concerned that your current tax rate will increase in 2011 and 2012 due to an increase in income or the [...]
Did you know you can NOW deduct 100% of Equipment and Leasehold Improvements? There are several tax laws that were passed in 2009 and 2010 that could have a significant impact on the deductible amounts for assets purchased for your business during 2010. At Anstiss & Co., we can help you choose which option of [...]
Not-for-Profit organizations operate solely for the benefit of the public. Therefore, those charged with their governance have certain rights and responsibilities in making sure that their organizations operate exclusively on a charitable basis. The two main responsibilities are the duty of care and the duty of loyalty. All actions should be taken with the same [...]
