Insights

Gift tax returns are seductively simple. It’s not a long return, the template that the return requires be filled in does not seem particularly complex, so how hard can it be?

Sponsors of certain defined contribution plans, namely 401(k) and 403(b) plans, need to be aware that these plans are subject to nondiscrimination tests known as the Actual Deferral Percentage (ADP) test and the Actual Contribution Percentage (ACP) test.

In response to the extensive changes made by the Tax Cuts and Jobs Act (TCJA), many taxpayers may have been unable to accurately calculate their estimated tax requirements for 2018.

As we begin a new year, the focus of many private foundation managers will now shift from day-to-day operations and bookkeeping to the preparation of the foundation’s publicly disclosed Form 990-PF, Return of Private Foundation.

The Auditing Standards Board (ASB) last year released Statement on Auditing Standards (SAS) No. 133, Auditor Involvement with Exempt Offering Documents. This SAS addresses the auditor’s responsibilities when the auditor’s report on the financial statements is included, or incorporated by reference, in an exempt offering document, such as for municipal bond offerings, AND the auditor is considered “involved” in such exempt offering document.

The Tax Cuts and Jobs Act (TCJA) made several changes to the tax laws affecting tax exempt organizations, including the reporting and taxation of unrelated business taxable income (UBTI).

The hopes of foundation managers for tax reform of the net investment income excise tax were again dashed when Congress late last year failed to enact the proposed simplification of the excise tax to a flat tax of 1.4%

Not-for-profit organizations with calendar year-ends are required to implement the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities for the year ended December 31, 2018.

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