Visit our page dedicated to providing resources that will help you better understand Beneficial Ownership Information (BOI) requirements and how you can most efficiently comply.
Learn MoreBusinesses have been intensely focused on dealing with additional regulation surrounding variable interest entities (VIEs) since the fallout from Enron and other accounting scandals. For nonpublic companies, this has meant working through complex accounting rules to determine whether or not certain...
Read MoreThe Supreme Court’s landmark decision in South Dakota v. Wayfair, et al. on June 21, 2018, spoke for the states when it overruled the “physical presence” standard long held in Quill Corp. v. North Dakota — changing the game for sales tax collection. The decision stands to affect all types of...
Read MoreWhile many not-for-profits may consider it a luxury to have an endowment, the accounting aspects of dealing with one can be burdensome, particularly when it’s “underwater.” And while Accounting Standards Update (ASU) 2016-14, effective for fiscal years beginning after December 15, 2017, will help...
Read MoreThe passing of the Tax Cuts and Jobs Act (TCJA) brought about significant changes to the estate planning arena, doubling the lifetime exemption through December 31, 2025. While fewer taxpayers will find themselves with taxable estates over the next eight years, asset protection via a trust —...
Read MoreThe U.S. Department of Housing and Urban Development (HUD) sponsors a broad range of programs designed to revitalize urban neighborhoods, stimulate housing construction, encourage home ownership opportunities, and provide safe and affordable housing primarily for low-income families. HUD...
Read MoreWhen a debtor is in financial stress, creditors often forgive or cancel all or a portion of the debt. When that happens, U.S. tax law generally requires the debtor to include the cancelled debt in gross income so it can be taxed. Including the cancelled debt in taxable income presents an obvious...
Read MoreAs a nonprofit, when your organization receives funds through grants and similar contracts, you must characterize the transaction as an exchange transaction or a contribution for financial reporting purposes. Historically, many nonprofits have found it difficult to make this determination, which has...
Read MoreThe basis, or net investment, in a shareholder’s S Corporation stock begins the day the shareholder purchases stock and continually changes throughout the year based on the company’s operations. Such constant activity creates the need for shareholders to recalculate their basis annually to help...
Read MoreSection 199A of the Tax Cuts and Jobs Act (TCJA) allows up to a 20 percent deduction on qualified pass-through business income to all noncorporate taxpayers — including trusts and estates. The IRS recently issued guidance clarifying many provisions within the new code section. Particularly, Proposed...
Read MoreFor many years, organizations have been anticipating the implementation dates of two significant and far-reaching accounting standards: revenue recognition and leases. Many have understandably prioritized the implementation of the new revenue recognition standard, with all companies needing to...
Read More