As you begin your year-end audit planning process, management can proactively streamline the audit process and reduce audit-related cost over-runs. When you undertake advanced planning procedures before the audit, you can save staff time accumulating audit documentation and fielding questions; reduce disruptions to your staff’s work process; and receive timely feedback from the independent auditors regarding internal control considerations and financial statement presentation and disclosures.
No doubt you have noticed some of the interesting “lingo” associated with the cyber world whether reported in Cyber Roundup or otherwise. Below are general meanings of some of the more noteworthy terms. Always amazing to see how common English words can be morphed into such descriptive cyber terminology.
We want to make our Dealings readers aware of two significant accounting standards changes that will potentially impact most businesses in the next year or two. In this article, we are providing an overview of each of these changes; but as you can imagine, a deeper dive will be required by companies that are ultimately impacted.
For many nonprofits, the affordable housing world seems like an ideal way to create a big impact. Nonprofits can advance their missions by connecting the populations they serve to stable housing and all of the socio-economic benefits that come with that stability. At the same time, an effective affordable housing program generates income and fees that can help nonprofits defer program costs and support their bottom lines. It seems like an obvious win-win.
New Jersey legislators recently amended the Gross Income Tax Act by adding a new surtax on carried interest earned in the state. This amendment under Assembly Bill 3088 aims to reclassify hedge fund and private equity fund allocations from being entitled to preferential rates to being taxed as ordinary earned income. This could lead to significantly higher income tax for investment managers whose income meets the statutory criteria.
Affordable Housing Finance magazine featured an article by Stew Grubman in last Friday’s edition.
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.
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.
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.
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.