The flourishing contemporary art market paired with the tax benefits that accompany donations of highly appreciated assets have led to a significant increase in the number of private foundations encountering the complexities of valuing, accounting for and maintaining such works of art.
The U.S. Department of Labor (DOL), Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) have released advance information regarding changes to the 2016 Form 5500/5500-SF annual return/report schedules and related instructions.
Businesses should be aware that these tax changes are now on the books for 2017.
We’ve been hearing about the new revenue recognition standard for quite some time.
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The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (P.L. 114-41) modifies due dates for several different tax returns.