Articles

The Internal Revenue Service (IRS) issued definitive final regulations in July 2018 that enacted changes to the substantiation and reporting requirements for charitable contributions and are effective beginning July 30, 2018.

The Internal Revenue Service (IRS) recently issued its Operational Compliance List (OCL) to help plan sponsors and practitioners achieve operational and “form” (i.e., plan documentation) compliance by identifying changes in qualification requirements effective during a calendar year.

Our Employee Benefits Services Group (EBSG) has expended a lot of time reviewing restated 403(b) plan documents that record keepers, third party administrators, or other plan document preparers have provided to plan sponsors to review.

The weaponization ─ and subsequent monetization ─ of electronic data is clearly on display in this our second anniversary edition of Cyber Roundup. 

The recently enacted 2019-20 New York State Budget amended Section 6-R of the General Municipal Law.

Many business owners share the same dream: one that begins with a simple knock on the door. They open it to encounter a well-funded buyer presenting an extravagant, unsolicited offer to buy their company.

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2019-03, Updating the Definition of Collections.

The investment advisory business continues to grow more challenging. These best practices are designed to help your organization improve its accounting and reporting functions, mitigate risk, strengthen internal controls and safeguard client assets.

As a best practice, some larger private foundations are going beyond the typical collection and review of a grant file by conducting desk reviews of grant activity reports to enhance their current grant monitoring programs.

Boards of Directors and the not-for-profit organizations (NFPs) they serve have at least one thing in common: they come in all sizes and levels of sophistication. But regardless of their size or sophistication, all Boards are bound by a common duty to accept fiduciary responsibilities and provide operational oversight.

Accounting seeks to accurately describe the true economics of companies and their transactions. Since accuracy competes with achieving broad application, the degree of accuracy is not perfect. To manage gaps between the accounting story and the economic story, we use mechanisms such as EBITDA to better understand the economic story and make better decisions.

Under Internal Revenue Code (IRC) Section 274(a)(4), no deduction is allowed for an expense of a qualified transportation fringe benefit (QTFB) provided to an employee of a taxpayer. IRC Section 512(a)(7) provides that a tax-exempt organization’s unrelated business taxable income (UBTI) is increased by the amount of the QTFB expense that would be non-deductible under IRC Section 274.