This article was originally published on AccountingWeb, 5/29/2018. In retail sales, at least one type of sales transaction where the application of sales or use tax isn’t obvious or always occurs is when a seller makes a bulk sale of all, or nearly all, the assets of a business. A bulk sale occurs outside the […]

Posted by: Deby MacLeod · Jane Searing

This article originally appeared in Journal of Accountancy. Reprinted by permission. Before deciding whether your not-for-profit organization should accept cryptocurrency for gifts, you must understand what it is. A cryptocurrency, or virtual currency, is a digital medium of exchange that can be used for purchasing, selling, and storing value, but it is not backed by a sovereign government. In […]

Posted by: Karen Dunn

The new “siloing” law requiring computing UBI separately for each unrelated business created significant challenges. Notice 2018-67, released last fall, addressed some of these questions. The Notice’s interim guidance can be relied on until formal regulations are adopted. The Notice requested comments, most notably whether NAICS codes should be used to determine the separate trades […]

Posted by: Rene Schaefer

The Tax Cuts & Jobs Act (TCJA) arrived with significant guidance, setting new rules for entertainment and club dues that every business owner needs to know. Prior to TCJA, meals and entertainment were 50% deductible if not lavish or extravagant and there was a business purpose. Among the 50% deductible items category were event tickets, […]

This is Part One in a short series on preparing to apply for federal grants. Applying for federal grant funding may seem like an intimidating prospect, especially if it is your first attempt, but there are steps your organization can take to prepare for a smooth application process and successful grant administration. Before applying for […]

Posted by: Mitch Hansen

If you have ever visited the Washington State Gambling Commission’s website, you’ll know how surprisingly complicated raffles can be. There is much more to them than just selling tickets and drawing a winner. To help you stay on the right side of the law, we’ve collected the Do’s and Don’ts of holding a raffle. Eligibility […]

Posted by: Jane Searing

The IRS issued Notice 2018-99 on December 10, 2018, clarifying some of the unanswered questions arising from the 2017 Tax Cuts and Jobs Act (TCJA) changes regarding the nontaxable qualified transportation benefits provided to employees. Changes impact taxable and tax-exempt employers. Many of the questions were related to the costs of providing qualified transportation benefits. Of […]

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