In Brief: Nonprofit organizations may not have to maximize profits in order to satisfy the expectations of shareholders, but they still must remain financially healthy…
Uniform Guidance is an authoritative set of rules and requirements for federal awards for both nonfederal recipients (i.e., state and local governments; nonprofits, including institutes…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The update is…
By Steven Mintz and Roselyn Morris McGraw-Hill Education, 2019, ISBN 978-1259969461, $287.30 (Hardcover) Reviewed by Edward Mendlowitz Before I begin my review of this casebook…
Should CPA students no longer have to learn the basics of government accounting? According to a new AICPA exposure draft, Maintaining the Relevance of the…
Next-Generation Internal Audit Governance
Harnessing the Power of Strategic Vision
As organizations across all industries continue down the current path of accelerated transformation and technological innovation, so too must internal audit departments adapt and rethink…
The Not-for-Profit Board Challenge
How to Use Board Members’ Time More Effectively
CPAs and other accounting and finance professionals are often asked to sit on the boards of not-for-profit (NFP) organizations. The volunteer, unpaid status of NFP…
Nonprofit Liquidity
Better Financial Storytelling under ASU 2016-14
Having implemented Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, many nonprofits are beginning to expand their understanding of liquidity and sharpen…
Employee-paid Business Expenses
Is an Accountable Plan the Answer?
Under a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) that has received little media attention, many workers have lost a substantial…
How ASU 2018-12 Affects the Timing of Earnings Emergence
The Potential Impact for the Insurance Industry
The insurance industry deals in the unknown. Insurance companies provide their customers with protection from future events—some foreseeable, many unexpected. They employ actuaries who design…
Recent months have proved challenging, if not exhausting, for professionals in the state and local tax compliance arena, for several reasons that have been well…
The New Exemption from Required Information Reporting
Revenue Procedure 2020-17 Provides Relief for Certain Tax-Favored Foreign Trusts
In March 2020, the IRS announced an exemption to the information reporting requirements applicable to foreign trusts. Under this exemption, qualified individuals no longer need…
Becoming a Data-Driven Decision Making Organization
Seven Challenges Facing Not-for-Profits
In Brief: As the data revolution continues to change every facet of society, for-profit companies are realizing significant benefits from adopting data-driven decision making strategies…
Financial accountants and auditors who assist nonprofit organizations have been busy applying and educating nonprofit management about FASB Accounting Standards Update (ASU) 2016-14, Presentation of…
Preparing Tax Returns for Inmates
Considering Practitioners’ Perspectives
As Benjamin Franklin noted, the truths of life include death and taxes. No one is exempt, not even prisoners. The United States is known for…
In Brief: Nonprofit organizations may not have to maximize profits in order to satisfy the expectations of shareholders, but they still must remain financially healthy…
These are extraordinary times with extraordinary challenges. We fear for our safety and the safety of those we love, for the stability of our country…
U.S. Treasury Yield Curve The financial turmoil caused by the coronavirus (COVID-19) pandemic extended into the bond market, as investors drove yields down and raised…
In Brief The need for accounting standards for government entities has been long recognized, but the road to establishing the right body to set such…
Effective for fiscal years beginning January 1, 2020, a new approach for accounting and reporting leases will be required for state and local governments under…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), signed into law on March 27, 2020, is a $2.2 trillion package enacted to…
The coronavirus (COVID-19) pandemic has not only upended the economy; it has also been the catalyst for several tax changes. The Families First Coronavirus Response…
The coronavirus (COVID-19) pandemic has caused companies across the world to temporarily close their doors in an effort to halt or slow down the spread…