CategoryNews Flashes

FASB Issues Proposed ASU for Not-for-Profits – More info

The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update (ASU) intended to update and improve existing standards for not-for-profit organizations financial

  • News Flashes, Nonprofit Updates

Urban Institute Security Breach

The Urban Institute has experienced a breach in security. While Legacy Professionals LLP does not utilize this program, we understand several of our clients do

  • Labor News, News Flashes, Nonprofit Updates

New Form 8922- "Third Party Sick Pay Recap"

IMPORTANT – The Internal Revenue Service has issued new Form 8922 which replaces the ‘Third Party Sick Pay Recap” that was previously filed on a

  • News Flashes

Illinois Income Tax Rate Decrease

The Illinois Department of Revenue has issued the new income rates for individuals and businesses effective for income received on or after January 1, 2015.

  • News Flashes

Affordable Care Act Penalties – Be Careful

The Affordable Care Act is quite complicated and contains pitfalls for unsuspecting employers both large and small. The Act was signed into law in 2010,

  • News Flashes

IRS Phishing Scam Warning

Recently, several major news stations have reported about fictitious emails from the IRS. One of our clients received the email below along with an attachment.

  • News Flashes

Year End Tax Releases Posted

Our Annual Tax Releases are now posted on our website. The releases include: Wage and Tax Reporting Forms W-2 and W-3; Information Reporting Forms 1099,

  • News Flashes

Affordable Care Act October 1 Deadline

This is a reminder of the October 1 deadline for all employers to provide employees with notices describing the health insurance marketplaces. This is one

  • News Flashes