Are You Prepared for an IRC Section 965 Repatriation Audit?
As part of the growing IRS compliance review campaign, there is now a direct focus on high-net-worth individuals, especially those who have formed private foundations and also those with international business activities.
Intangible Assets in the Cannabis Industry – Measuring the Success of Acquisitions
In the last year, a lot of attention has been given to the amount of goodwill on cannabis companies’ balance sheets.
Bankruptcy: Recovery and Resurgence
Are the funds from your PPP loan about to run out? Have your operations been crippled by the pandemic? Are you starting to feel pressure from your creditors? Have you thought about restructuring your existing obligations but don’t know where to begin?
Building an Effective Succession Plan and Exit Strategy for Construction Industry Owners and Executives
Is your privately-owned construction business ready to consider or re-consider an ESOP (Employee Stock Ownership Plan) as a financial alternative to selling it?
PKF International Worldwide Tax Guide 2020/21
The latest edition of the PKF International Worldwide Tax Guide for 2020/21 is now available for download. This annual publication covers 146 jurisdictions, providing an overview of taxation and business regulations on a country-by-country basis.
IRS Wealth Squad Announces New Audit Campaign for High-Net-Worth Taxpayers
With the IRS moratorium on new audits set to expire on July 15, the IRS Large Business and International (LB&I) Division Commissioner, Douglas O’Donnell, announced the first significant initiative after the moratorium: examinations of several hundred high-net-worth individuals, with a focus on their ownership of partnerships, trusts and other pass-through entities, as well as their involvement with their own private foundations and international holdings.
The IRS has not identified what it considers
Cyber Roundup – July 2020
The last bulleted news item in this month’s Roundup speaks to a breach resulting from password mismanagement.
Charter School Networks in New York: A Range of Options and Structures
When it comes to setting up a charter school in New York, there are important considerations to ensure success and sustainability.
IRS Announces New Audit Initiative for Private Foundations
With its People First Initiative set to expire July 15, 2020, the Internal Revenue Service (IRS) has announced a new audit initiative that targets private foundations.
Your 501(c)(7) Private Club: Non-Member Income Generation to Be Separated into Lines of Business
Does your 501(c)(7) private club hold non-member/outside events, and do these events generate a profit for the club? The IRS is now focusing closer on whether or not private clubs are properly calculating the profit and paying income tax.
OMB Issues Guidance for Federal Award Recipients
By Bruce L. Blasnik, CPA, CGMA, Partner The federal Office of Management and Budget (OMB) recently released Memorandum M 20-26, dated […]
Protecting Your Foundation Against Cyber Threats in the Age of Working Remotely
The COVID-19 pandemic caused private foundations to relocate physical offices to a “virtual office” without much preparation. This hasty change […]