Articles

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 […]

Posted by: Jane Searing

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: Ron Rauch

Homer Simpson once famously said, “Three little sentences will get you through life. Number one: ‘Cover for me!’ Number two: ‘Oh, good idea, Boss!’ Number three: ‘It was like that when I got here’.” It’s worth noting, however, that Homer often cited number three when he was caught by Marge in some mess of his […]

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 […]

Posted by: Bob Heller

Taxpayers who do business both inside and outside of the State of Washington, and who earn revenue from performing services or licensing intangibles, are now required to complete an Annual B&O Tax “Reconciliation of Apportionable Income.” The form must be submitted to the Department of Revenue by October 31st of each year. Failing to file […]

Posted by: Joe Haberzetle

Come 2018, many not-for-profit organizations with unrelated business income (UBI) could either be smiling or groaning over the shift in their Oregon tax bills. Oregon recently followed the direction of many other states in attempting to collect more tax revenue from out-of-state businesses. The shift will come into effect through changes in how sales of services […]

Posted by: Troy Rector

As one of its final deliverables, the Council on Financial Assistance Reform (COFAR) issued updates to the Uniform Guidance Frequently Asked Questions (FAQs). In all, the updated FAQs includes 24 new FAQs and revisions of four existing FAQs. The FAQs have been issued and updated several times since the Uniform Guidance’s issuance, with the last update being […]

Posted by: Rene Schaefer

Is your business involved in creating intellectual property or process and product improvement? If so, you or your business may qualify for federal research credit cash incentives. What is the Credit Based On? The federal research credit is a wage-based program, which you can calculate by identifying the wages paid to employees who perform qualified research […]

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