News Roundup

November 16, 2017

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Why the House Tax Bill Could be a 'Bonanza' for Advisers

The tax bill unveiled Nov. 2 has far-reaching implications for financial advisers and their clients, from an overhaul of individual tax rates to the elimination of useful tax strategies and deductions.

6 Factors to Choose the Right Basis of Accounting for Your Not-for-Profit

Cash, accrual, modified cash or tax—which basis of accounting is best for your not-for-profit? Management, stakeholders, board members, current and potential grantors, donors and creditors all rely on your financial statements to gain an understanding of your organization’s financial health. Not-for-profit organizations have several options when choosing a basis of accounting. Here are brief descriptions of your choices.

What You Need to Know About Cryptocurrency

Cryptocurrency is a digital currency transferred between peers and confirmed in a public ledger through a process called mining. These digital currencies only exist electronically and don’t have a central issuing authority or regulatory body. They’re exchanged on a worldwide peer-to-peer network, submitted as an entry on a global ledger called the blockchain, a ledger of every crypto transaction ever made. While this record is decentralized, it is shared between all users of cryptocurrency and can only be updated with the consensus of the majority. The result? A faster, cheaper and more secure way to complete transactions.

IRS Urges Taxpayers with Expiring ITINs to Submit Renewal Applications as Year-End Deadline Approaches

The IRS reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of the year will cause refund and processing delays in 2018.

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