Articles

It is clear that there continues to be considerable debate in Washington over the future of estate tax.

Gone are the days when we heard the word “fishing” and looked forward to a day on the lake, when a “hack” was another name for a trick or shortcut that increases productivity and efficiency, or when the “web” referred to a spider’s handicraft in our basement.

The Office of Management and Budget (OMB) has updated guidance for the procurement grace period available to non-Federal entities under Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).

Now that the tax reform plan has been released in the “Unified Framework for Fixing Our Broken Tax Code,” we are presenting some of the key provisions in the Framework as they affect individuals and businesses.

A major shift has occurred in how the Internal Revenue Service (IRS) will handle partnership tax examinations in the future.

Earlier this year, the Governmental Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities.

The IRS recently issued Revenue Procedure 2017-53 providing guidelines that international grantmakers and qualified tax practitioners may use.

The Financial Standards Accounting Board (FASB) recently issued a proposed Accounting Standards Update (ASU or Update) (Topic 958) intended to clarify and improve the scope and accounting guidance for contributions received and made.

With the recent natural disasters, such as Hurricanes Harvey and Irma, private foundations are called upon to play a critical role in relief and recovery efforts and have traditionally been involved in assisting victims.