News
-
IRS Issues Guidelines Regarding Substantiation of Expenses for Cafeteria Plans
- May 18, 2023
- Posted by: Hood & Strong
- Category: Tax
No CommentsThe IRS is cautioning cafeteria plan sponsors from using any shortcuts in complying with the expense substantiation requirements under section 125.
-
Assessing the Need for a Valuation Allowance
- May 18, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
Under ASC 740, using professional judgement is key in assessing the need for a valuation allowance.
-
Higher Ed Institutions Need to Comply With New Cyber Rule
- May 15, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
The FTC’s new Safeguards Rule addresses how higher ed institutions must protect students’ info from cyberattacks.
-
Expanding the Simplified Model for Tax Credit Investments
- May 9, 2023
- Posted by: Hood & Strong
- Category: Tax
An accounting rule that was specifically developed for reporting low-income housing tax credit (LIHTC) investments will soon be expanded to include more federal and state tax credit investment programs. A narrow-scope accounting standard will allow other tax credit programs, beyond LIHTC investments, to qualify for the proportional amortization method. This simplified model allows the initial
-
First-Year Bonus Depreciation and Sec. 179 Expensing: Watch Out for the Pitfalls
- May 9, 2023
- Posted by: Hood & Strong
- Category: Tax
Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to following the regular depreciation rules. So it’s critical to look at the big picture
-
FASB Issues Proposal on Crypto Assets
- May 9, 2023
- Posted by: Hood & Strong
- Category: Tax
On March 23, 2023, the Financial Accounting Standards Board (FASB) issued a proposal to provide accounting and disclosure rules for certain types of cryptocurrency assets. The proposal would help companies more accurately reflect the economics of such assets. If finalized, the proposal will build the first explicit accounting standard on crypto assets in U.S. Generally
-
Lesson From Recent Bank Failures: Prioritize Risk Management
- May 9, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
It will take more time to get full explanations behind the recent collapses of First Republic Bank, Silicon Valley Bank and Signature Bank. But there’s an immediate takeaway for everyone, not just for financial institutions: It’s critical to have an effective enterprise risk management (ERM) program. Among other problems, the banks’ risk management allegedly wasn’t
-
How Client Accounting Services Benefit Nonprofits
- May 9, 2023
- Posted by: Hood & Strong
- Category: Nonprofits
Client Accounting Services – often called outsourced accounting services – are a valuable tool to help nonprofit organizations manage their finances effectively and efficiently. By outsourcing client accounting functions, nonprofits can focus on their mission and programs, access specialized CPA-level expertise, save staff and operating costs, improve financial reporting and transparency, and ensure compliance with
-
IRS Guidance Coming Regarding the IRA’s Clean Vehicle Credit
- April 14, 2023
- Posted by: Hood & Strong
- Category: Tax
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the IRS will publish proposed regulations to clarify how a CV can qualify for the credit.
-
April News for Nonprofits
- April 11, 2023
- Posted by: Hood & Strong
- Category: Nonprofits
How Operating Reserves Have Fallen The number of nonprofit executives whose organizations had four months or more of operating reserves in 2022 fell more than 10% from the previous year, according to “Nonprofit Standards: A Benchmarking Survey.” The discrepancy came even as 76% of respondents saw revenue rise in the most recent fiscal year. According