Articles

Posted by: Jane Searing

On October 12, 2018, the IRS published the draft 2018 form (Draft 2018 Form 990-T) that organizations will use to pay unrelated business income (UBI) tax. Treasury (the IRS) is using the Form 990-T as a means for providing guidance on two of the most impactful changes to UBI from the Tax Cuts and Jobs Act: […]

Posted by: Joe Haberzetle

One by one, Washington cities and towns are beginning to regulate vacation rentals offered for rent by owners of residential properties.  Regulatory permits and licenses, however, are not the only compliance requirements imposed on short-term rental businesses; they also need to consider state and local tax requirements. This article will provide short-term rental businesses with […]

Posted by: Christie Streit

Franchisors take note – a new accounting guidance will soon change the way you recognize revenue. ASU 2014-09, “Revenue from Contracts with Customers” (ASC 606), provides new guidance for recognizing revenue for contracts with customers. The guidance under ASC 606 is effective for public entities with annual reporting periods beginning after December 15, 2017. For […]

Posted by: Rene Schaefer

This year brought many accounting and tax changes for both private and public companies. In addition to the changes brought by the Tax Cuts and Jobs Act (TJCA), the new GAAP revenue recognition standards will take effect for non-publicly traded companies for years beginning after December 15, 2018 (unless the company elects to apply these […]

Posted by: Jane Searing

In 2017, Congress passed the Tax Cuts and Jobs Act, which promised a tax cut for most taxpayers. Based upon early calculations, the IRS issued tax tables which taxpayers then used to fill out Forms W-4 at the beginning of 2018. It seems now, these tax tables were overly optimistic about the effect of the tax […]

Posted by: Ryan Stute · Jane Searing

Charitable contribution substantiation is a team sport — everyone involved is critical to ensuring the donor’s tax deduction is valid. Although this is not a new area of tax law, it is an arena of continued tax litigation, with the IRS winning most cases on technicalities. The government is generally successful in the courtroom because […]

Posted by: Kelly Rancourt

Most not-for profit organizations understand that, when receiving federal assistance, they are required to complete a Schedule of Expenditures of Federal Awards (SEFA) to determine whether a single audit is required and, if so, include the SEFA in the single audit reporting. But what is the SEFA and what is the basis for determining which […]

Posted by: Jane Searing

“When it comes to privacy and accountability, people always demand the former for themselves and the latter for everyone else.” – David Brin Overview of Revenue Procedure 2018-38 Recently, the Treasury issued Revenue Procedure 2018-38, correcting what some considered an overreaching and controversial regulation requiring organizations exempt under code sections other than 501(c)(3) or 527 […]

Congratulations! Your grant application for a federal award was successful, and you have received your signed Notice of Award (NOA). Now the real work begins as you start to navigate the grant process through the initial steps all the way to a successful and fully functioning program. Although it can be tempting to jump right […]

Posted by: Rene Schaefer

The Tax Cuts and Jobs Act (TCJA) has significantly changed the mortgage interest rules. These changes are expected to have a tax cost of about $26 billion to individuals for 2018. Though the mortgage interest deduction is not gone, there is confusion about the new rules and who it applies to. If you can still […]

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