Insights

The Office of Management and Budget (OMB) has updated guidance for the procurement grace period available to non-Federal entities under Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).

Now that the tax reform plan has been released in the “Unified Framework for Fixing Our Broken Tax Code,” we are presenting some of the key provisions in the Framework as they affect individuals and businesses.

A major shift has occurred in how the Internal Revenue Service (IRS) will handle partnership tax examinations in the future.

Earlier this year, the Governmental Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities.

The IRS recently issued Revenue Procedure 2017-53 providing guidelines that international grantmakers and qualified tax practitioners may use.

The Financial Standards Accounting Board (FASB) recently issued a proposed Accounting Standards Update (ASU or Update) (Topic 958) intended to clarify and improve the scope and accounting guidance for contributions received and made.

With the recent natural disasters, such as Hurricanes Harvey and Irma, private foundations are called upon to play a critical role in relief and recovery efforts and have traditionally been involved in assisting victims.

Another busy month for cyber criminals: from hacking to spamming to leaking. Even a vital medical device needed a cyber patch to protect its users.

These are the glory days for those seeking to claim the federal research tax credit. This is particularly so for small and middle market businesses and startups.