Insights

Equifax, one of the largest credit reporting agencies in the nation, announced yesterday that it suffered a major cyber breach.

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As auditors and advisors, we have a unique vantage point that allows us to identify accounting and financial reporting issues that are, at times, misunderstood by our clients.

Certain questions on the Form 990-PF relate to transactions with “disqualified persons.” We often are asked — sometimes by board members themselves — “Who are disqualified persons?”

Last month was “business as usual” for cyber criminals. Even so, the volume and extent of these activities are mind-blowing — particularly with respect to the targeting of children, how easy cyber hacking skills can be transferred and cloud security. As computer professionals become aware of each incident, solutions eventually follow.

The IRS recently released Revenue Procedure 2017-34 simplifying the method to extend the time to make a late portability election for estates of decedents leaving a surviving spouse.

Over the past few years, many organizations have found themselves in a position where they have to defend their reputation due to the unauthorized release of sensitive data.

Congratulations! Someone has expressed interest in purchasing your business.

The Internal Revenue Service (“IRS”) re-released the proposed new partnership audit rules and guidance.