Program-Related Investments: An Opportunity to Leverage Philanthropic Dollars
Traditionally, private foundations have been associated with grant-making; however, foundations are also offered other alternatives to carry out their charitable mission and to meet distribution requirements.
PKF International Worldwide Tax Guide 2019/20
The latest edition of the PKF International Worldwide Tax Guide for 2019/20 is now available for download.
New IRS Form 1099-NEC, Nonemployee Compensation, for 2020 Payments
The IRS has recently released a draft of a new form, Form 1099-NEC, which will be used to report payments for Nonemployee Compensation paid in 2020.
PKF O’Connor Davies Hires Jeffrey Gittler as Partner
PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax and advisory firms, announced today that it has hired […]
Valuing Private Companies in the Cannabis Industry
Cannabis companies need to be valued for many reasons. Funds need to report the value of their investments to their limited partners.
Increased Focus on the Pell Grant and Direct Loan Program for Colleges and Universities
The U.S. Office of Budget and Management has released the 2019 Compliance Supplement, which comes with significant changes to the compliance requirements affecting colleges, universities and other higher education institutions that participate in the Student Financial Assistance programs provided by the Department of Education (DOE or Department), especially as it relates to reporting of single audit findings.
Cyber Roundup – August 2019
Doing nothing to protect your cyber infrastructure is not an option. This month’s edition of Cyber Roundup underscores the need for action. Contact Tom DeMayo with your cyber concerns.
Connecticut Quietly Shrinks Its Budget Deficit through Increased Taxes
Connecticut was once a tax haven. Those days are long gone. Now, it suffers from a branding problem. It is perceived as a state providing its constituents with one of the highest tax burdens in the country. According to some studies and pundits, this appears to be somewhat accurate. However, other findings show that it is more in the middle of the pack.
Best Practices: Due Diligence on Grantees
Grant-making is the heart of the private foundation industry and most commonly the largest expenditure. With grant‐giving in the billions of dollars annually, grant disbursements warrant proper due diligence. Due diligence has the potential to provide insight into critical attributes and the level of alignment between the Foundation’s mission and the goals of the grantee.
FASB Proposes Delay in Application of New Leases Standard for Not-for-Profits
At its recent meeting, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay the effective date for changes to accounting for leases for private companies, certain not-for-profits and small reporting companies.
Rhode Island: Combating the Federal Cap on SALT Deductions with a Pass-Through Entity Tax
Rhode Island has joined the ranks of states responding to the $10,000 federal limitation on the state and local tax (SALT) deduction that individuals can take on their federal income tax returns.
Standards for Forensic Services
Recently, the AICPA released the first Statement on Standards for Forensic Services (SSFS). The statement was issued by the Forensic and Valuation Services Executive Committee of the AICPA (FVS Executive Committee).