Accounting seeks to accurately describe the true economics of companies and their transactions. Since accuracy competes with achieving broad application, the degree of accuracy is not perfect. To manage gaps between the accounting story and the economic story, we use mechanisms such as EBITDA to better understand the economic story and make better decisions.

Under Internal Revenue Code (IRC) Section 274(a)(4), no deduction is allowed for an expense of a qualified transportation fringe benefit (QTFB) provided to an employee of a taxpayer. IRC Section 512(a)(7) provides that a tax-exempt organization’s unrelated business taxable income (UBTI) is increased by the amount of the QTFB expense that would be non-deductible under IRC Section 274.

The recently enacted Opportunity Zone (OZ) legislation provides for two independent approaches to the basic investment proposition: ownership of OZ fixed assets (typically real estate) versus ownership of operating businesses located in the subject zones.

In our continuing efforts to cover tax matters of interest to businesses with global relationships, the following articles are presented in the March 2019 edition of International Tax Insights.

In a perfect world, we would not have to concern ourselves that our IT infrastructure and devices are not self-secured and impervious. Unfortunately, even the latest equipment and programs can eventually succumb to infiltration by bad actors.

A strong internal control system is important to charter schools for many reasons.

Over the years, PKF O’Connor Davies has striven to remain at the forefront of financial solutions for our global as well as domestic family office (FO) clients.