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Insights Center: 2025 Tax & Legislative Changes

Individuals, businesses and not-for-profit organizations are all affected by the new tax law – and we are ready to help. Start by staying informed; you’ll find our analyses of the new law’s many provisions here.

GASB Statement No. 87 – Leases
July 30, 2018

Potentially pervasive changes are coming to lease accounting. Under the provisions of GASB Statement No. 87, nearly every lease will be considered a capital lease. While local governments and school districts would most likely be lessees in these kinds of transactions, some might also be involved in transactions where they are the lessor of these assets.

Selecting a Fund Administrator
July 30, 2018

In today’s investor climate with in-depth investor and regulatory scrutiny, coupled with the complexity of alternative investments and co-invest vehicles, selecting the right fund administrator for your business is more important than ever.

IRS Removes Donor Disclosure Requirement on Information Returns for Many Tax-Exempt Organizations
July 24, 2018

Tax-exempt organizations — other than charitable organizations exempt under Code Sec. 501(c)(3) and political organizations exempt under Code Sec. 527 — will soon be able to stop reporting the names and addresses of contributors on Schedule B when filing their information returns for tax years ending on or after December 31, 2018.

FASB Issues New ASU on Improvements to Nonemployee Share-Based Payment Accounting
July 23, 2018

As part of its simplification initiative, the Financial Accounting Standards Board (FASB or Board) recently issued Accounting Standards Update (ASU) 2018-07—Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.

The Kiddie Tax Matures Under the TCJA
July 19, 2018

Families with children who have unearned or investment income (typically, interest and dividends) above a certain amount have long been familiar with the ”kiddie tax.” The kiddie tax rules were enacted in 1986 to prevent parents from shifting income to their children, who were generally in lower income tax brackets.

New Jersey Overhauls Its Taxes
July 12, 2018

After a flurry of activity in the New Jersey legislature, Governor Phil Murphy signed a series of tax bills that will have an immediate and significant impact on taxpayers in New Jersey. The new tax laws are intended to increase revenue, make sweeping changes to the Corporate Business Tax (CBT), and increase the highest rate for individual gross income tax purposes. A bill which will impose sales tax on remote sellers has been passed and is awaiting the Governor’s signature. Also, a new Tax Amnesty Program, which has been signed into law, will be offered this year.

Preparing for Retiring NFP Executives – It’s Only a Matter of Time
July 11, 2018

If you’re a baby boomer and it seems that your co-workers are getting younger and younger, you’re not imagining things – they are. In most cases, it’s not by design or coincidence, but the result of demographics. Demographically-speaking, baby boomers are those individuals born between 1946 and 1964. As a result, the majority of these workers began reaching retirement age within the last decade and will continue to leave the workforce in large numbers over the coming decade.

Cyber Roundup – July 2018
July 9, 2018

Here we go again. We do not lack for material in our monthly report on cyber shenanigans. Clearly, individuals and businesses are vulnerable to any manner of cyber hacking and fraud. So, why not call on us to assess your risk and help protect against such threats? Our assignments are tailored to our client and their needs; our professionals are highly qualified; and, our approach is systematic. It’s your business, your call.

New Jersey Division of Consumer Affairs Issues Mandatory Online Registration
June 29, 2018

As a follow up to our May 2018 Bulletin, due to various issues with the online filing of New Jersey Charity Renewal Registration Forms and Extension Requests, effective today June 29, 2018 all organizations with a Fiscal Year End 12/31/2017 (due date of 6/30/2018) will be given an additional 30 days to file an extension.

Accounting Standards Update 2016-14 for Private Colleges and Universities
June 26, 2018

With the implementation of Accounting Standards Update (ASU) 2016-14 — Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities on the horizon, many private colleges and universities are assessing its impact on their financial statements as they go through their current year-end audit cycle.

Under Wayfair, Online Retailers Have A Bigger Sales Tax Collection Burden. What Now?
June 26, 2018

Quill was killed. As of last week, Wayfair is in charge. The United States Supreme Court made clear, in its highly anticipated South Dakota v. Wayfair decision, that the nexus standard has changed in the sales tax arena. Online and remote retailers now must collect sales tax from customers in states even when they have no physical presence in those states.

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