End-of-Year Accounting Reminders for Not-for-Profits

From new lease accounting standards to the new contributed nonfinancial asset transparency requirement, not-for-profits have a busy yearend. Focus on these items.

Accounting for Natural Disasters in the Wake of Hurricane Ian

CFOs have to ensure business interruptions are taken care of after a natural disaster. See what your business interruption plan should cover.

New Accounting Updates in Review: What You Need to Know

The Financial Accounting Standards Board (FASB) has issued four ASUs so far in 2022. Here’s a quick look at each update and why they are important.

Cryptocurrency News Explained: FASB Agrees on Accounting for Digital Assets

The crypto world is abuzz after the Financial Accounting Standards Board's (FASB) momentous vote to propose that bitcoin and similar digital assets should be measured at fair value.

4 Ways the CFO Role Has Changed (And What to Do About It)

The CFO role has seen plenty of changes with cultural and economic shifts. Here are some key changes that have impacted CFO roles and responsibilities.

What Nonprofits Need to Know About Cryptocurrency

Cryptocurrency donations can come with complicated tax situations for nonprofits. Learn what it is, its benefits & IRS requirements for digital asset donations.

Supreme Court to Clarify Foreign Bank Account Reporting Penalty Application

See why the courts have agreed to hear a case that can have big ramifications for non-willful violations of the FBAR filing requirement and its impact.

4 Reasons Private Companies Should Care About ESG

By now, ESG is an acronym that every business leader should recognize. That’s because environmental, social, and governance (ESG) programs have become increasingly common across the business landscape, regardless of industry.

Key Considerations During an M&A: After the Acquisition

It should come as no surprise in the current economic moment that many businesses are cautious about making big decisions. However, despite the looming possibility of a recession, merger and acquisition (M&A) activity remains strong.

So, You’ve Implemented ASC 842; Now What?

Just like your car, your lease portfolio and the checks-and-balances for the accounting standard require tune-ups and check-ins. Here’s a run-down of some things to consider​.

IRS Waives Late Filing Penalties for Most 2019 and 2020 Returns

In recent weeks, the Internal Revenue Service (IRS) has received coverage (and criticism) for the increased budget allocated to the agency under the Inflation Reduction Act of 2022.

Record-High Inflation Challenges Nonprofits: What You Need to Know

This summer has been one for the books — and often in ways that have involved challenges for organizations. Inflation rates have hit an all-time high surpassing upper levels within the past 40 years, with food, gas and rent prices soaring across the U.S.

5 Key Areas to Prioritize for Next Year’s Budget

As a CFO, are you ready for budgeting in 2022? Use these strategies to retain employees, enhance cybersecurity and prepare your company for next year.

Leasehold Improvements: How to Determine the Accounting Owner

Determining the ownership of assets for leasehold improvements is vital for any company leasing space because it directly impacts leasehold accounting.

Finding the "E" in R&D: Tackling Innovation in an ESG Culture

In today's business climate, being a good corporate citizen is more important than ever, with companies being held accountable for their impact on society and the environment.

Biden Urges Passage Of Deal With 15% Corp. Minimum Tax

President Joe Biden on Thursday urged Congress to pass legislation that would impose a 15% corporate minimum tax as part of a larger package to address tax, energy, and health care costs.

What Not-for-Profits Need to Know About Restricted Grants

Donor-restricted grants can be a great way to fund your organization, but they can also be challenging. In this article, we'll look at the details related to restricted grant usage, how to navigate the complexities, and proactive steps you can take to address them in the future.

CFO + ESG + Scope 3: The Ripple Effects of Environmental Value-Chain Disclosures

According to The Morning Consult, the ​majority of “frequent investors” are actively evaluating how companies respond to environmental concerns, treat people, and set ethical standards. Companies have taken note by increasing the amount they disclose about their ESG programs

The New CFO Meets the New Normal: CFOs’ Role in Employee Mental Health

The “new normal”: everyone wants to find it, but firm footing in a world rattled by the coronavirus is elusive.

Manchin Won't Agree To Build Back Better Tax Proposals

Sen. Joe Manchin won't support the tax proposals in President Joe Biden's economic plan, he said during a West Virginia radio interview Friday, adding that the significant rise in inflation last month influenced his decision.

Top Federal Tax Cases Of 2022: Midyear Report

Tax regulations' compliance with administrative law was a major theme in notable federal tax decisions in the first half of 2022, while the U.S. Supreme Court revived a law firm's day-late levy challenge in the U.S. Tax Court.

Excess Business Loss Limitation Explained

The constant change in tax law over the last few years has made it difficult for many to keep up. One of those changes is the Excess Business Loss limitation.

Reminder to Weed the Garden & Tend Your Lease Portfolio: ASC 842 Effective Date Nears

The new lease accounting standard (ASC 842) goes into effect by the end of this year for private companies that follow GAAP. A comprehensive lease inventory is the first step in the process, but a challenge is that ASC 842 means uncovering hard-to-find embedded leases. You might also find it’s necessary to rethink your lease-management software. Adopting early is a chance to get ahead and avoid getting swamped at your fiscal year-end.

House Bill Would Double Federal R&D Tax Credit

The federal research and development (R&D) tax credit would be doubled under a bill introduced last week in the U.S. House of Representatives.

FASB Clarifies and Expands Fair Value Hedge Accounting

Given the general complexities of hedge accounting, stakeholders need guidance and clarification as much as possible.

IRS Crafting Digital Asset Payment Reporting Form

The Internal Revenue Service is developing a payment reporting form for digital asset transactions, the deputy chief of the agency's Criminal Investigation division said Friday.

Senate Unveils Retirement Package Ahead Of Committee Vote

The Senate Finance Committee introduced its counterpart to House-passed legislation that aims to make it easier for Americans to save for retirement.

FASB Modifies TDR Guidance and Enhances Disclosures

The Financial Accounting Standards Board (FASB) recently issued new guidance that makes several important changes to the accounting treatment for troubled debt restructurings (TDRs).

Interest in Retention Credit Remains Strong, Hill Aide Says

Congressional lawmakers are looking for ways to revive a bipartisan tax credit for retaining employees that prematurely ended last year without overwhelming the IRS' limited resources needed to administer the incentive, a senior Democratic tax staff member said Friday.

How to Find Out If You Are Subject to a Single Audit

Many organizations receiving federal financial assistance because of the COVID-19 pandemic are subject to Single Audit rules for the first time. Several other organizations that previously had Single Audits are now receiving new COVID-19-related funding.

Key Changes and Updates in the 2022 OMB Compliance Supplement

The OMB Compliance Supplement tests the Single Audit compliance for entities with fiscal year-ends of June 30, 2022, and thereafter.

Are you Ready for 401(K) Plan Changes Under the SECURE Act?

When signed into law in December 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act represented the first major legislative reform to the retirement landscape in more than a decade.

Crypto Bill Seeks To Narrow IRS Reporting Requirements

A bipartisan bill recently released looking to create a regulatory regime for cryptocurrencies would limit who counts as a broker responsible for IRS disclosure requirements, following criticism that current rules could impose onerous reporting obligations on the wrong players.

Transform Your Not-for-profit With Data Analytics

Data analytics is a powerful tool for running a successful not-for-profit organization.

The Latest on Electing Into the NY Pass-Through Entity Tax For 2022

Recent New York State legislation allows partnerships and S Corporations more time to elect into New York’s Pass-Through Entity Tax regime. Learn more about how to take advantage of this election.

SEC Proposes Cyber Rules for Registered Fund Advisors

In a move to protect fund information, the Securities and Exchange Commission (SEC) recently proposed cybersecurity rules for registered fund advisors and investment companies.

Q1 2022 Accounting Updates

With the ever-changing landscape of accounting standards, it's crucial to stay on top of the latest updates. This article will provide an overview of fundamental changes businesses need to be aware of from the first quarter of 2022.

Updated Guidance for How Healthcare Entities Account for Contributions of Vaccines or other Pharmaceuticals, Medical Supplies or Equipment

Not-for-profit and for-profit health care providers recently received additional accounting guidance for donations of certain types of medical items.

Accounting Implications Arising from the Russia-Ukraine War

The ongoing crisis in Ukraine has sent shockwaves through the global economy, with investors facing an unstable market and the Russian currency taking a sharp dive.

3 Ongoing Challenges with Revenue Recognition Accounting

When the changes to revenue recognition under ASC Topic 606 were introduced in 2014, it marked one of the most significant accounting changes in history.

IRS Provides Transition Relief for New Schedules K-2 and K-3

On February 16, the IRS issued additional relief for certain pass-through entities required to file new Schedules K-2 and K-3, along with a set of “Frequently Asked Questions.”

SEC Proposes Disclosure Requirements for Hedge Funds and Private Equity Funds

New proposed SEC regulations would affect reporting for hedge funds and private equity funds.

Proposed Requirements for Private Fund Advisors Aim for Transparency, Audits

Private fund advisors could face a financial statement audit and other reporting requirements under a proposed SEC rule change.

What to Know About SAS 136: A New Audit Standard for ERISA

The following provides a recap about what the new standard for ERISA employee benefit plans will mean for plan management and the ERISA Section 103(a)(3)(C) audit process

New Reporting and Disclosure Requirements for Contributed Nonfinancial Assets or Contributed Services for Not-for-Profit Organizations

A September 2020 accounting update will affect accounting for cash donations for not-for-profit organizations.

Helpful Guidance: Addenda to the 2021 OMB Compliance Supplement

The OMB recently issued two addenda to the 2021 OMB compliance supplement.

Not-for-Profit Tax Updates to Know in 2022

Not-for-profits can ensure their filings are accurate and complete by staying up to date on tax changes.

Why Third-Party Risk Assessments are Essential for SOC 2 Reports

To get the most out of your investment in a SOC 2 report and truly protect your data, you’ll need a risk assessment of all dealings with 3Ps and outside vendors to evaluate your organization’s IT control processes and protect your data.

ASC 740 Considerations for Pass-Through Entity Tax Regimes

An increasing number of states are embracing an entity-level income tax on pass-through entities (PTEs) as a way to mitigate the $10,000 deduction limit for state and local income taxes (SALT cap).

Why Private Equity and Venture Capital Firms Should Early Adopt This Debt Accounting Update

The Financial Accounting Standards Board (FASB) has been evaluating accounting standards for the past several years to identify the requirements that could be streamlined.