Defining Disqualified Persons of Private Foundations
Recently, we received certain inquiries on the definition of “disqualified persons” at a foundation. In connection therewith, we hope this bulletin will serve as a reference defining a disqualified person and helping to ensure that self-dealing at the private foundation does not occur.
Reviewing and Updating the Fiscal Policies and Procedures Manual
By Gus Saliba, CPA, Partner A charter school’s Fiscal Policies and Procedures Manual (FPPM) provides management and the board of trustees […]
Cyber Roundup – May 2019
Imagine if your organization were subjected to any one of the cyber infiltrations reported in this month’s Cyber Roundup.
R&D Tax Credit: Court Emphasizes Need to Document Project Qualifications
Claiming the federal research tax credit is easier and more beneficial than ever. Federal law and IRS regulatory changes have made that so.
Saying “Thank You” Has Never Been More Important
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.
IRS Issues Its Updated Operational Compliance List
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.
Findings on Reviews of Restated 403(b) Plans
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.
Cyber Roundup – April 2019
The weaponization ─ and subsequent monetization ─ of electronic data is clearly on display in this our second anniversary edition of Cyber Roundup.
Establishment of Teachers’ Retirement Contribution Reserve Fund
The recently enacted 2019-20 New York State Budget amended Section 6-R of the General Municipal Law.
Business Owners: What Risks To Ponder Before Selling
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.
FASB Updates Guidance on Art and Other Treasured Collections
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2019-03, Updating the Definition of Collections.
Accounting and Reporting – 8 Best Practices for Investment Advisors
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.