Insights

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

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.

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.

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.

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​.

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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

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

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.

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.

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

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.

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.

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

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.

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

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.

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

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.

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.

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.”

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

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

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

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

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

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

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.

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).

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

This article will address some of the state and local tax compliance issues affecting your remote worker arrangements.

With the importance that information security continues to have in enterprise and vendor risk management, your organization may find itself needing a System and Organization Controls (SOC) 2 report sooner rather than later.

Due to the various damages and hardships caused by COVID-19, the federal government created the Shuttered Venue Operators Grants (SVOG) program as part of both the Consolidated Appropriation Act (CAA) of December 2020, and American Rescue Plan Act (ARPA) of March 2021.

Highlights from the recent press release of SEC enforcement findings.

MHM announced that Andy Burczyk has retired and that Andrew Gragnani has been appointed the new President for the organization.

A deep dive into the lease discount rate determination process to guide private companies in their adoption process.

A quick preview of what’s changing for 2022 reporting and what these accounting updates mean for you.

As the manufacturers continue to address ramifications from pandemic-related supply chain disruptions, inflation concerns, and other market factors, another development has arrived for private companies that lease assets such as heavy machinery and equipment.

The long-awaited deadline has finally arrived for private companies to adopt the new lease accounting standard, ASC 842, which changes how organizations account for leases.

Here are the top stories for the 2022 tax season.

Emerging cybersecurity trends for 2022 and how your company can prepare for them.

The first time you undergo a SOC 2 report, there may be some challenges, so it's important to know what to expect.

Here are three ways lease accounting technology assists with the adoption of the new lease accounting standard.

Because timing is key for tax strategies, here are provisions that will have the biggest impact on 2022 plans.

Here are four trends public companies can expect to face in 2022.

An accounting election simplifies impairment considerations for private companies and not-for-profit organizations.

Here are the top five accounting articles of the year.

Private companies have a simplified accounting election for stock compensation reporting.

An accounting standards update affects companies that took advantage of COVID stimulus programs.

Inventorying leases is an important first step in ASC 842 adoption.

An accounting change may make early adoption of a business combination provision more appealing.

A new lease accounting standard may make adoption more cost-efficient for private entities.

The selection of the right information technology security control framework often comes down to a couple of key factors. This article helps decipher which IT security framework might suit your business best.

The forthcoming changes to the research and development (R&D) tax deduction will affect companies in all stages—from startups to multinational corporations with global interests.

The Infrastructure Investment and Jobs Act will bring an early sunset to the popular Employee Retention Tax Credit program.

A quick overview of what to expect so your company can be better prepared for its new reporting obligations under the new lease accounting standard, ASC 842.

The FASB ruled that lease accounting’s effective date will not be adjusted again.

Business practices continue to evolve, and the accounting world is no different. For organizations that receive audits — including those that receive financial statement reviews — there are developments affecting accounting department and changes in the way audits and attest services are being conducted that may affect your experience with your auditor.

A wave of proposed legislation could dramatically impact estate planning techniques, including gifts made through trusts.

A wave of proposed legislation could dramatically impact estate planning techniques, including gifts made through trusts.

Employee benefit plan sponsors have their hands full when it comes to monitoring regulatory trends and other updates that may affect plan operations, administration and compliance. The following developments may be of interest to your plan compliance, particularly in the months ahead.

Vendors and customers are understandably concerned about IT security in our current environment of data leaks and cyber-attacks. One of the ways cybersecurity concern manifests for service organizations is through information security questionnaires.

Findings from high profile data breaches, from the SolarWinds Hack to the attack on hotel chain Marriott, provide indicators of how malicious cyber actors can infiltrate an organization’s security protocol that your organization may find useful for planning.

There are issues that affect audits of nearly all broker-dealers. Understanding these audit risk areas can help guide your organization’s selection of a qualified auditor.

The House Ways and Means Committee and the Senate Finance Committee, the two primary architects of tax legislation in Congress, have each released competing plans for tax legislation that would impact partnerships.

As ransomware style attacks grow in frequency and magnitude, organizations need to be prepared for the new information security threats they face.

What private entities should know about the standard for their reporting in regard to FASB's ASU 2018-15 Cloud Computing Arrangements guidance.

The IRS is on the verge of a major enforcement initiative authorized by Congress that will affect partnerships and their partners.

The IRS is on the verge of a major enforcement initiative authorized by Congress that will affect partnerships and their partners.

In August the Office of Management and Budget (OMB) released its 2021 Compliance Supplement, 2 CFR Part 200 Appendix XI (Compliance Supplement), effecting Not-for-profits that receive federal grants.

Key updates financial leaders will want to understand about the AICPA updates to the form and content requirements for financial statement auditors’ reports, effective for audit periods ending after Dec. 15, 2021.

The London Interbank Offer Rate (LIBOR) is the current interest benchmark for bonds, loans, derivatives and securitizations worldwide.

The House Ways and Means Committee released discussion drafts that detail various tax increases or incentives for their version of President Biden’s “Build Back Better” infrastructure plan.

Here is a summary of who might be affected by the tax changes in the Biden administration’s infrastructure bill.

Our aims to provide clarity on where potential Qualified Small Business Stock opportunities may exist.

Companies are beginning to enter into nontraditional investments, such as Bitcoin and other digital assets.

Mayer Hoffman McCann P.C. (MHM) today announced that it has signed a definitive agreement to acquire the attest practice of Shea Labagh Dobberstein (SLD), a leading accounting service provider based in San Francisco, CA, with a closing effective September 1, 2021.

States are finding ways around the limit on the TCJA limit on state and local tax deductions.

As a reminder, private companies need to check with these elements of consolidation accounting.

View key metrics regarding the construction industry for the month of July.

If M&A activity is in the cards for your business, you need to understand how recent tax developments could affect your strategy.

The first installment of the Biden Administration’s “Build Back Better” infrastructure package is now one step closer to reality.

Third party data breaches happen all the time, so it’s important to keep your client’s customer data safe.

This resource provides additional guidance on how the new accounting standard may affect lease accounting for lessors.

View key metrics regarding the construction industry for the month of June.

Receiving a notice from the IRS can be intimidating for individual taxpayers. Our resource clarifies what you should know to navigate the IRS collection process.

Changes are coming to the accounting for certain equity instruments.

Some not-for-profit entities may be more vulnerable to information security incidents and data breaches. Here’s what your organization needs to know about to protect itself from key cybersecurity risks.

View key metrics regarding the construction industry for the month of May.

The 2017 tax reform law commonly known as the Tax Cuts and Jobs Act (TCJA) caught states off-guard.

A look at the tax consequences of the recent Supreme Court ruling.

CFOs can help manage their risk protocol by reviewing the following areas.

Analysis of the tax changes outlined in the Treasury Department’s Green Book provide more insight into the Biden Administration’s plan to finance infrastructure reform.

Here are some action items organizations with retirement plans can take to secure plan data.

Special purpose acquisition companies, or SPACs, continue to grow in popularity as private companies look for alternative means of accessing the public market outside of a traditional initial public offering (IPO).

The Employee Retention Tax Credit (ERTC) was enacted as part of the early COVID-19 stimulus measures, and can be claimed through Dec. 31, 2021 by eligible employers who retained employees during the COVID-19 pandemic.

After previous delays by the Financial Accounting Standards Board (FASB), Accounting Standards Update 2016-02, Leases (Topic 842) must be adopted by private entities with fiscal year ends beginning after Dec. 15, 2021.

Notable changes made to retirement plans in 2020 could affect 2021 employee benefit plan audits.

View key metrics regarding the construction industry for the month of April.

Washington state recently made a significant state and local tax change.

Organizations that are taking the ERTC should evaluate their accounting options.

Will the SALT Cap repeal happen under a Biden administration?

A closer look at what a recent court case says about cryptocurrency reporting.

Corporations subject to the Virginia state income tax have a new reporting requirement for 2021.

These three accounting changes may affect 2021 financial reporting, particularly for non-public entities.

Mayer Hoffman McCann P.C. (MHM) announced that it has signed a definitive agreement to acquire the attest practice of Berntson Porter, a leading accounting service provider based in Bellevue, WA, with a closing effective May 1, 2021.

Alpha numeric passwords may be cracked by unauthorized users, passwordless authentication may help.

COVID-19 changed how most businesses operate day-to-day. Similarly, many financial statement audit teams were tasked with migrating to a fully remote environment in order to complete year-end financial statement audits and other attest functions.

Here is a closer look at the Biden Administration's American Families Plan.

Private entities that select a new accounting alternative may be able to skip a test of goodwill impairment in 2020.

More deals give rise to questions on deferred revenue accounting.

The filing deadline for 2020 individual tax returns was postponed from April 15 to May 17, 2021, but the postponement did not apply universally.

Remote work highlights the importance of an information security model called Zero Trust.

View key metrics regarding the construction industry for the month of February.

View key metrics regarding the construction industry for the month of February.

Here are some provisions of the American Rescue Plan Act of 2021 affecting restaurants.

Here’s the forecast for using research and development tax credits.

Here’s a look at what the recent stimulus law means for not-for-profit organizations.

The IRS delayed 2020 tax year individual tax filings until May 17, 2021.

Tips for evolving your cybersecurity strategy for 2021.

International Tax Update Q1 2021

Be on the look for continued scam activity regarding COVID-19.

401(K) plans required to permit long-term, part-time employees to defer.

Barry Berkowitz, MHM Shareholder in our Philadelphia office, comments on new changes to the CPA Exam.

A look at the new stimulus legislation.

Nuances revealed in an IRS FAQ may affect individuals with cryptocurrency dealings.

Here are some points to consider when applying fair value accounting in 2021.

Banks previously not subject to the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) may soon find themselves with new reporting requirements.

Shuttered Venue Operator Grants may help cultural institutions hard hit by the COVID-19 disruption.

Final rules on carried interests are more taxpayer-friendly

If your organization hasn’t considered some of these plays recently, you may want to explore the following provisions in short order.

When released as part of the Bipartisan Budget Act of 2015 (the BBA), several elements of the IRS audit rules for partnerships and LLCs were unclear, including opt out rules, methods for modifying an imputed underpayment, and allocation of imputed underpayments.

Final carried interest regulations bring significant changes to private equity and venture capital firms.

Manufacturers should be aware of the growing risks in the information security environment.

Here’s how to prepare your response to an information security incident.

Business disruption makes asset impairment an important consideration. Here are tips to know.

Here is a look at what the business interest expense regulations could mean for private equity and venture capital firms.

Here are some ways that not-for-profit organizations can tap into stimulus benefits.

A new SEC rule change may make it easier for pre-IPO and public companies to select an independent auditor.

The adoption of new revenue recognition in ASC Topic 606, Revenue from Contracts with Customers, introduced added complexity in the accounting for pre-opening services for franchisors.

View key metrics regarding the construction industry for the month of December.

Here is a look at the Biden plan for COVID-19 relief.

The following are 2021 accounting notes for public and private companies.

The Employee Retention Tax Credit (ERTC) was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but limitations on its availability tempered interest in the relief measure.

Here are some changes to expect after the presidential inauguration.

View key metrics regarding the construction industry for the month of November

The IRS and Treasury Department recently published final regulations on the tax treatment of the sale of partnership interests held by foreign partners.

The following 8 provisions in the new stimulus law are worth a closer review.

Accounting for 2020 requires analysis of COVID-19 impact as well as accounting standard changes.

Private equity and venture capital firms should monitor how market-based sourcing affects their funds’ tax obligations.

View key metrics regarding the construction industry for the month of October

Recent IRS regulations provide additional guidance for partnerships on the business interest expense limitation.

Many private equity and venture capital (PE/VC) firms have foreign investors and may have organized fund entities in non-U.S. jurisdictions, such as the Cayman Islands.

Special purpose acquisition companies (SPAC) require unique accounting considerations.

The following are key developments not-for-profit organizations should know about charitable giving in 2020.

Recent developments bring good news for pass-through entity owners that made sizeable charitable contributions in 2020.

Initial takeaways from the election may dampen Biden’s prospects for further tax law changes.

Paycheck Protection Program recipients may want to evaluate taxability of their loans.

A 13-week cash flow can help with monitoring from COVID-19 recovery.

Even in a normal operating environment, the sales process is often a complex and daunting undertaking that has a transformative effect on a business.

View key metrics regarding the construction industry for the month of September.

CFOs and internal audit teams should be prepared for more external auditor scrutiny.

A quick comparison of the two candidates’ tax plan.

Inflation-adjusted figures for tax rates, credits, and deductions.

Here is a closer look at the earn-out in M&A.

Here’s a look at how the 2020 presidential election could affect private equity and venture capital.

Here are four elements not-for-profits should be telling their boards about COVID-19 recovery.

Many not-for-profit organizations were forced to completely shutter operations because of the COVID-19 pandemic, making them eligible candidates for the Employee Retention Credit (ERC) benefit in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Significant changes to partnership tax reporting are coming.

Deferrals of the employer’s share of Social Security taxes will impact 2020 tax deductions.

A look at some tax planning maneuvers to minimize the impact of the 2020 election.

Employee training on cybersecurity along with other strategies can help your organization be prepared for cyber threats.

The growing use of cloud computing technology and third party providers complicates data protection protocol.

It may be time to consider augmenting your information security team.

View key metrics regarding the construction industry for the month of August.

Here are recent Colorado state and local tax updates of which you should be aware.

Proposed rules clarify carried interests in partnerships.

Not-for-profit organizations that receive federal funds are subject to the requirements of the Uniform Grant Guidance, and the Subpart F Single Audit.

The pandemic relief law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided an unprecedented $2 trillion in economic aid to American families, workers and small businesses affected by the Coronavirus Disease 2019 (COVID-19).

Valuation of intangible assets in technology business combinations is complex.

Here’s a closer look at changes to accounting for complex debt and equity instruments.

Here’s how forecasts affected impairment accounting.

Recent IRS guidance details employee eligibility, the repayment period, and employer responsibilities for President Trump’s employee payroll tax deferral.

View key metrics regarding the construction industry for the month of July.

Key performance indicators help manufacturers monitor business performance.