Article Archives: 2017

Die-hard college sports fans are not cheering about one change made in the Tax Cuts and Jobs Act (TCJA). Boosters have traditionally been allowed an 80% charitable contribution deduction for donations to their favorite institute of higher education, when what they received in return for this contribution was a right to purchase seating at the […]

Posted by: Rick Cooley

Tax planning isn’t typically anyone’s favorite part of the year—especially when major tax reform is involved. Typical year-end tax planning advice expounds on the virtues of accelerating deductions and deferring income, where opportunities are both possible and economically viable. With tax reform poised to pass Congress on December 21st and head to President Trump for […]

On Thursday, December 21, President Trump is expected to sign the new law. Most of the Tax Cuts and Jobs Act’s provisions will take effect on January 1, 2018. This leads to the next logical question: “Is there anything I need to do before January 1st to take advantage of, or avoid, the new tax […]

With January rapidly approaching, it’s time for taxpayers to reflect on the past year’s finances. Specifically, it’s time to consider which strategic planning techniques can be implemented before year-end to maximize available tax savings on 2017 tax returns. Though year-end planning is important to consider in all years, it is especially significant for 2017; tax […]

As a Sage Intacct Value Added Reseller (VAR), we are pleased to announce the new relationship between Sage Intacct and GuideStar. The partnership will be releasing a Nonprofit Financial Board Book in early 2018 to all NFP customers. What is the Nonprofit Financial Board Book? A digital board book is a way to present metrics […]

Posted by: Victoria Kitts

I’ve recently read many blog posts, news articles, and LinkedIn stories that seem to be trying to look into a crystal ball to see the future of auditing. Some sources talk about changes to professional standards that would allow auditors to rely more on data analysis as direct audit evidence. Others foresee more automation, such […]

Earlier this year, Congress enacted new IRS audit procedures applicable to partnerships. The new rules, which apply to partnership returns filed after 2018, are expected to have a significant impact on tax exempt partners. Background As part of the desire to diversify portfolios, tax exempt organizations have increased their exposure to alternative investments. Many of these […]

Posted by: Joe Haberzetle

Originally posted on June 20, 2017 UPDATED OCT. 2017: On June 28, 2017, the Massachusetts Department of Revenue issued Directive 17-2, revoking its earlier Directive 17-1 (below), which would have required remote sellers to collect sales tax on Massachusetts sales beginning July 1, 2017. On September 22, 2017, Massachusetts adopted a new regulation, 830 CMR 64H.1.7 […]

Posted by: Candi Avery

In August 2017, the Financial Accounting Standards Board (FASB) issued an exposure draft, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. The draft is intended to provide a more robust framework for determining the proper accounting treatment of grants and contracts. Why is the Guidance Necessary? Under existing guidance, there […]

Unfortunately, the weather has not been kind to U.S. residents in the last few weeks. Recent natural disasters have many charities looking for ways to assist in the affected areas. At the date of this publication, the U.S. has declared Hurricanes Harvey, Irma, and Maria as qualified disasters. For organizations for which disaster relief is […]

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