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At Allied Financial Partners, we know that an informed client is our best client.
Throughout the year our staff writes articles which provide valuable information and insight to our clients. Check back often for the latest information on ways to manage your business and personal financial needs more efficiently.
Under the new tax law, starting in 2018, many people will be able to take advantage of the increased standard deductions instead of itemizing their state and local taxes, mortgage interest, donations etc. What if you are a borderline case where your standard deduction and your total itemized deductions are about the same amount? Bunching your charitable contributions can give you an advantage. Keep reading to learn more!
In December 2017, the President signed into law the Tax Cuts and Jobs Act (“Tax Act” or “Act”), which introduces the most significant changes to the U.S. tax system since 1986. With a few exceptions, the tax provisions are generally effective starting in 2018. However, many of the changes to tax regulations for individuals are temporary and scheduled to sunset after 2025. Below are some highlights of the significant changes to individual as well as business taxpayers. As this information is general in nature, it is not intended to address all the Tax Act changes that may impact you.
In August 2016, the Financial Accounting Standards board issued Accounting Standards Update (ASU) 2016-14, affecting accounting and related financial reporting for not-for-profit entities. The provisions of ASU 2016-14 become effective for all not-for-profit entities for year ends beginning after December 15, 2017 (effectively, calendar year ended December 31, 2018).
President Trump and key lawmakers reveal tax reform plan. The Trump Administration and select members of Congress have released a “unified framework” for tax reform. The document provides more detail than a number of other tax reform documents that have emerged from the Administration over the past few months, but it still leaves many specifics to be worked out by the tax-writing committees (i.e., the House Ways and Means Committee and the Senate Finance Committee).
In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09 “Revenue from Contracts with Customers.” This mandatory reporting standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today’s revenue recognition guidance.
On February 25, 2016, after nearly 10 years of deliberations and draft proposals, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, its new standard on accounting for leases. While financial reporting implications may not occur immediately, it is imperative to have a thorough understanding of these changes now when negotiating long-term leases or financing arrangements.
Recently, our Director of Financial Services, David A Younis, CFP(R) sent a letter to all of our clients addressing the status of the Department of Labor's fiduciary standard, and what recent changes to this regulation will mean for our clients.
Taking college courses can be a sizable investment. There are some credit opportunities that may be able the offset some of the cost.
On Thursday June 23, 2016, British citizens shocked the world by voting to leave the European Union upending 43 years of participation in the attempt at economic solidarity. The intermediate and long-term economic repercussions of this political vote are yet to be fully understood; however, as evidenced by global markets’ reaction we will likely continue to experience heightened volatility and destabilizing uncertainty...
Dave Younis, Director of Financial Services, summarizes key features of Medicare to help our valued clients identify the appropriate plan to meet their specific needs.
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Securities offered through Cambridge Investment Research, Inc. a broker-dealer, member FINRA/SIPC, Investment Advisor Representative, Cambridge Investment Research Advisors, Inc. a Registered Investment Adviser. Cambridge does not provide tax services. Accounting, Payroll, Fixed & Health Insurance, and HR Services are offered through Allied Financial Partners. This communication is strictly intended for individuals residing in the states of NY, CO, AZ, CA, FL, NC, PA, TN, VA, WA, IL, CT, NH. No offers may be made or accepted from any resident outside the specific state(s) referenced. Cambridge and Allied Financial Partners are not affiliated.