Businesses: It’s time to revisit your sales tax obligations It’s been more than a year and a half since the U.S. Supreme Court ruled in South Dakota v. Wayfair that states may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in a state. Since that time, most…Read More
After the Financial Accounting Standards Board’s (FASB’s) 2014 release of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, many nonprofits were confused about whether grants and similar contracts were covered by these new revenue recognition rules. The FASB’s subsequent issuance of ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and…Read More
Many nonprofits take time to develop disaster plans in anticipation of natural disasters, active shooter situations and other harrowing events. They may not, however, think about handling a crisis such as sexual harassment or embezzlement allegations against a leader, a regrettable social media post or similar circumstances that could generate significant damage. Here’s how to…Read More
Traditionally, audit procedures for private companies tend to focus on the balance sheet. That is, auditors evaluate whether the book values of the company’s assets are overstated and its liabilities are understated. However, the income statement needs attention, too, especially in light of the updated guidance on recognizing revenue from contracts and the potential for…Read More
As governments around the globe mobilize to defend their populations from the novel coronavirus (COVID-19), criminals are also mobilizing — to fleece people. These opportunists have already found ways to use the fear and chaos associated with the pandemic to enrich themselves. But you can protect yourself and your business. Ripe opportunity Phishing emails that…Read More
Sec. 6166 may help ease the sting of estate taxes Assets such as an illiquid closely-held business can pose unique estate planning challenges. Indeed, even with the gift and estate exemption amount at an inflation-adjusted $11.58 million for 2020, these taxes can continue to be burdensome if a family has a significant amount of wealth…Read More
Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as…Read More
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file…Read More
The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial reporting The duration and full effects of the COVID-19 outbreak are yet unknown, but…Read More
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