Banking Agencies Issue Final Rules on Commercial Real Estate Appraisal Threshold
The three major banking regulatory agencies — The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency — announced the issuance of a final rule that will increase the threshold for commercial real estate transactions requiring an appraisal from $250,000 to $500,000. Why the need for a new threshold amount?
MBAF was recently named one of Accounting Today’s 2018 Best Accounting Firms to Work for. This is the second consecutive year MBAF has received this accolade for its employee-driven environment. This recognition follows MBAF being selected as a 2018 Best Place to Work finalist by South Florida Business Journal for the second consecutive year.
Navigating the New Revenue Recognition and Leasing Standards
Join MBAF for a comprehensive seminar to learn about the new FASB standards, discuss areas of significant change, and to review the current transition guidance. As the transition period is now underway for both public and private companies, it’s imperative to start planning.
Supreme Court Clears Way for States to Impose Sales Tax on Online Purchases
In a 5-4 decision, in the case of South Dakota v. Wayfair, the Supreme Court has ruled to overturn a previous decision that had barred states from forcing online retailers from collecting state sales tax, unless the retailer had an actual physical presence in the state. In light of the Court’s decision it is likely that all states will now enact some kind of legislation to impose sales taxes on online retailers.
Supreme Court Rejects Review of Recent FBAR Ruling
Failure to file a complete and correct FBAR can result in severe fines, and even criminal charges. According to the IRS, “those who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for non-willful violations that are not due to reasonable cause. For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation.”
Consumers who are planning on ordering a sofa from Overstock, or a new patio set from Wayfair, may end up paying sales tax on these purchases. In a 5-4 decision, in the case of South Dakota v. Wayfair, the Supreme Court has ruled to overturn a previo ...
Even though you can’t physically touch digital assets, they’re just as important to include in your estate plan as your material assets. Digital assets may include online bank and brokerage accounts, digital photo galleries, and even emai ...
Beginning with your 2018 tax return, if you itemize deductions, you can count no more than $10,000 a year of State and Local Tax (SALT) deductions for income and property tax on a single or joint tax return (you can choose to include sales tax instea ...