Article Archives: 2017

Posted by: Cheryl R. Olson

By Cheryl Olson, CPA, CGMA Now that we’re in March, many of us have given up on our New Year’s resolutions. Some of us didn’t make resolutions to begin with based on past history. That said, It’s not too late to make a 2017 commitment to create, review, or update your organization’s key governance and […]

Posted by: Shawn Hansen

By Shawn Hansen, CPA Under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC), private-sector retirement and welfare plans are required to file annual returns/reports. Filing a Form 5500, along with any required schedules and attachments, typically satisfies the annual reporting requirement. The Form 5500 is the primary source of information […]

Posted by: Steve Day

By Steve Day, CPA and Co-authored by Patrick McColgan and Richard Newby, Duff & Phelps On January 31, 2017, the IRS announced that its Large Business and International (LB&I) division will focus on issue-based examinations. Under this approach, the LB&I division will use and develop specialized IRS knowledge and resources to successfully run compliance campaigns […]

Posted by: Megan Kuchan

By Megan Kuchan, CPA Updated on February 14, 2017, to add the latest information on the delay on ruling. See the end of the article. On February 3, 2017, President Donald Trump signed a directive to delay implementation of the Department of Labor (DOL) fiduciary rule. Originally set to be effective this coming April, the […]

Posted by: Rick Cooley

By Rick Cooley, CPA On January 20, 2017, President Donald Trump issued a presidential memorandum declaring a moratorium on all new federal rule making. This practice is not unusual for an incoming president, especially one from a different political party than the departing president. In fact, former President Barack Obama issued a similar order shortly […]

By Paul Ung, CPA For information on the most current trends in IRS scams, please see the updated article here.  Every year, we get numerous e-mails and calls from clients who report that someone from the IRS is demanding money right away for past due amounts. These demands are followed by a threat of arrest, […]

Posted by: Jennifer Mace

By Jennifer Mace, CPA In today’s increasingly global economy, there are many U.S. tax-reporting requirements that relate to foreign investments, foreign organizational operations, and other international transactions. One of these requirements is the Report on Foreign Bank and Financial Accounts (FBAR). While the reporting requirement has been around for decades, IRS scrutiny and compliance efforts […]

Posted by: Rick Cooley

By Rick Cooley, CPA Whether you love or hate the United States’ 45th President, Donald J. Trump, all taxpayers should prepare for big changes in tax year 2018. Though President Trump talked a great deal about tax reform while on the campaign trail, we are all anxiously awaiting the tax reform legislation that will emerge from his […]

Posted by: Joe Haberzetle

By Joe Haberzetle, JD, LLM April 21, 2020 update: To provide accounting relief and clarity during the COVID-19 crisis, the FASB published an exposure draft with proposals to delay the effective dates for Leases (Topic 842). Find more information here. Unlike many jurisdictions, Washington provides no automatic exemption from state and local taxes for nonprofit organizations that […]

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