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CHIPS Act Poised to Boost U.S. Businesses

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also

Inflation Reduction Act: The Proposed New Corporate Minimum Tax

TAX ALERT | July 29, 2022. Authored by RSM US LLP Executive summary Sen. Joe Manchin III, D-W.Va. and Majority Leader Charles E. Schumer, D-N.Y. have agreed to a new bill, the Inflation Reduction Act of 2022 (Inflation Reduction Act)1.  In part, the Inflation Reduction Act would enact a new corporate minimum tax of 15% (the

Pass-through Entity Elections Are Here to Stay: What You Need to Know

Pass-through entity elections are creating tax planning complexity. This article explains what you need to know and what you should do next.

Act Now to Make the Most Out of Bonus Depreciation

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has

Why Have Financial Restatements Surged?

Audit Analytics, an independent accounting research firm, reports that restatements surged in 2021 — and more than three-quarters of these restatements were filed by special purpose acquisition companies (SPACs). Here is an overview of what SPACs are used for, why they can be risky ventures and what measures the Securities and Exchange Commission (SEC) has

FASB Plans to Study KPIs

In late May, the Financial Accounting Standards Board (FASB) added a project to its research agenda to study key performance indicators (KPIs) for business entities. The plan is to study the feasibility of standardizing definitions for KPIs, including earnings before interest, taxes, depreciation and amortization (EBITDA). But work won’t start until the FASB progresses further

Income Tax Disclosures: Targeted Improvements in the Works

The income tax disclosures project is back on the active agenda of the Financial Accounting Standards Board (FASB). The decision was made after hearing feedback from stakeholders that the existing disclosure rules aren’t sufficiently useful for decision-making. The objective of the revived project is to focus on targeted improvements, steering clear of aspects of the

Increasing a Nonprofit’s Impact Through Operational Efficiency

Nonprofit organizations often have lean operational budgets. But a nonprofit that struggles with its operations will soon find itself with limited mission impact as well.

Contextualizing Cyber Risk: Mapping Business as a System

Boards need a better understanding of how business could be impacted by cyberthreats.

News for Nonprofits: June/July 2022

How Federal Legislation May Affect DAF Distribution Timelines A bipartisan group of legislators has introduced the Accelerating Charitable Efforts (ACE) Act in the U.S. House of Representatives. The ACE Act mirrors a bill introduced in the Senate in June 2021. It would create two new types of donor-advised funds (DAFs) — 15-year (or qualified) and

Have a Little Faith

IRS and Fraud Concerns for Faith-based Nonprofits Religious congregations must comply with IRS rules and federal and state laws. But because they don’t have to file income tax returns, some fail to engage independent financial experts. Without that oversight, congregation leaders may not know all the requirements to which they’re subject and internal controls could