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Proposed Regs for Inherited IRAs Bring Unwelcome Surprises

Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but it also raised some questions. The IRS has been left to fill the gaps, most recently with the

IRS Issues Guidance for Leave-Based Donation Programs

IRS issues guidance on tax treatment of cash payments made by employers under leave-based donation programs to aid victims of the further Russian invasion of Ukraine.

Board Considerations on the Future of Work and the Path Forward

As we transition from a pandemic to an endemic environment, boards of directors are considering their companies’ priorities—and workforce issues are making a lot of short lists.

FASB Removes Redundancies Between Credit Loss Standard and TDR Rules

On March 31, the Financial Accounting Standards Board (FASB) published an amendment to credit loss accounting rules. The changes are designed to eliminate rules related to troubled debt restructurings (TDRs) for certain lenders and enhance the usefulness of vintage disclosures. Here are the details. Redundant rules Accounting Standards Update (ASU) No. 2022-02, Financial Instruments —

Income Statement Upgrades Would Add Costs

On February 16, the Financial Accounting Standards Board (FASB) voted to reframe its project to revise the income statement, sticking with the objective of providing investors with more useful information. This project would require more detailed breakouts of expenses, which would cause companies to incur costs. Old project, new name The income statement project started

Use a Reporting Hotline to Fight Fraud

Tips are the most common method of detecting fraud, according to Occupational Fraud 2022: A Report to the Nations. This study, published by the Association for Certified Fraud Examiners (ACFE), found that 42% of frauds were uncovered through tips — more than three times the next most common method (internal audits). The best way to

After Tax Day: Take These Action Steps

The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension). Retain the requisite records Depending on the

3 Things to Know Before Raising Your Prices

With rising prices proving to be stickier than expected, business leaders have been facing a challenge: how to set prices in a highly inflationary environment.

Failure to Document Value of Services and Payment in Line With Stock Ownership Key to Disallowance

Taxpayers must properly document the value and reasonableness of management fees in order to sustain a deduction for payment of such fees to shareholders or related parties.

News for Nonprofits

Support For Women Causes Growing Slowly While women’s and girls’ organizations have seen some gains in recent years, a new report from the Lilly Family School of Philanthropy at Indiana University finds they still account for a small percentage of giving. According to “The Women & Girls Index: Measuring Giving to Women’s And Girls’ Causes,” such

Changes Are Coming to Your Auditor’s Report

The American Institute of Certified Public Accountants (AICPA) Auditing Standards Board’s latest standards are kicking in, and both companies and nonprofits will notice resulting changes to the format and content of auditor reports on their financial statements. The updates are intended to make auditor reports more meaningful and transparent for the users of financial statements,

4 Tips for Rebuilding Your Operating Reserves

The COVID-19 pandemic has driven home many lessons for nonprofits, perhaps none so much as the importance of operating reserves. If your nonprofit is among those organizations with dramatically depleted — or nonexistent — reserves, here are some steps you can take to remedy the situation. Achieve Buy-In. It sometimes can be difficult to win