News and Resources

News and Resources

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IRS Releases 2020 Standard Mileage Rates

IRS Releases 2020 Standard Mileage Rates

The IRS has issued the 2020 standard mileage rates used to calculate the deductible costs of operating an automobile for business and charitable purposes.

SECURE Act Changes the Required Minimum Distribution Age from 70-1/2 to 72

SECURE Act Changes the Required Minimum Distribution Age from 70-1/2 to 72

The "Setting Every Community Up for Retirement Enhancement Act of 2019" (the SECURE Act) was signed into law on December 20, 2019. The SECURE Act lays out major changes for retirement plans and IRAs, and creates a new pooled multiple employer plan. This is a summary of the changes. Read more

Congress rolls back burdensome UBIT on transportation benefits

Congress rolls back burdensome UBIT on transportation benefits

At the end of 2019, Congress repealed a provision of the 2017 Tax Cuts and Jobs Act (TCJA) that triggered the unrelated business income tax (UBIT) of 21% on nonprofit employers that provide employees with transportation fringe benefits. Read more

IRS Releases 2020 Standard Mileage Rates

IRS Releases 2020 Standard Mileage Rates

The IRS has issued the 2020 standard mileage rates used to calculate the deductible costs of operating an automobile for business and charitable purposes. Read more

Tax

Taxpayers should take some security steps during the holidays

Taxpayers should take some security steps during the holidays

The Pennsylvania Dept. of Revenue (PDOR) is warning taxpayers to take a few basic security steps during the holidays. Read more

Tax

Rules relating to mileage-related deductions are updated by the IRS

Rules relating to mileage-related deductions are updated by the IRS

New guidance has been issued by the IRS updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. Read more

Tax

Accounting for contributions and grants is now easier

Accounting for contributions and grants is now easier

Accounting for contributions and grants can be complicated for not-for-profits, especially when they come with donor-imposed conditions. However, 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification. Read more

Factor 2020 cost-of-living adjustments into your year-end tax planning

Factor 2020 cost-of-living adjustments into your year-end tax planning

The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into account in your planning. Read more

Tax

Health Care Reporting Forms: 30-Day Extension Of Distribution Deadline and Penalty Relief

Health Care Reporting Forms:  30-Day Extension Of Distribution Deadline and Penalty Relief

Similar to prior years, the IRS has again announced that employers have more time to distribute 2019 health coverage information returns to employees. However, the deadline for filing these forms with the IRS has not changed. Read more

Measuring the fair value of equity-based awards

Measuring the fair value of equity-based awards

Equity-based compensation awards can help companies attract skilled workers and boost performance. But accounting for these payments can be complicated and costly. Read more

Are you prepared for IRS Letter 226-J?

Are you prepared for IRS Letter 226-J?

If you are an employer with at least 50 employees or 50 full-time equivalents, otherwise known as an applicable large employer (ALE), you've been doing your best to comply with the Affordable Care Act (ACA). But what happens when you receive the dreaded IRS Letter 226-J? Read more

IRS Inflation Adjustments

IRS Inflation Adjustments

2020 Inflation Adjustments for Pension Plans, Retirement Accounts Released Read more

New Corporate Net Income Tax Rules Issued by the Pennsylvania Department of Revenue

New Corporate Net Income Tax Rules Issued by the Pennsylvania Department of Revenue

Considering the U.S. Supreme Court "Wayfair v. South Dakota" decision of 2018, the PA DOR has adopted new nexus requirements for purposes of PA corporate income tax. Read more

Tax

Effective dates: FASB proposes changes to standard-setting approach

Effective dates: FASB proposes changes to standard-setting approach

In recent years, smaller public companies and private entities have been struggling to keep up with the rapid pace of change in accounting rules. In response, the FASB has proposed changing its philosophy for establishing effective dates for major new accounting standards. Read more

How strong are the internal controls of your company?

How strong are the internal controls of your company?

A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements. Read more

Private companies: How to account for "profits interests" in LLCs

Private companies: How to account for "profits interests" in LLCs

The use of profits interest, a relatively new form of equity compensation issued by limited liability companies (LLCs), has spiked. This article discusses a request from private companies and their advisors to simplify the complex rules that have evolved to account for these transactions. Read more

Reminder: Estimated tax due 9/16

Reminder: Estimated tax due 9/16

If you are a Pennsylvania resident who owes estimated PA income tax, your next due date is rolling up fast. The third installment of 2019 tax is due on Sept. 16. Read more

Tax

FASB will propose delays to four new accounting standards

FASB will propose delays to four new accounting standards

In July, the FASB voted to propose a sweeping set of split deferrals for certain entities. The proposal would delay new accounting rules for 1) leases, 2) credit losses on loans, 3) long-term insurance contracts, and 4) hedge accounting. Read more

Providing more detailed information about expenses

Providing more detailed information about expenses

Ideally, investors should be able to get sufficient information about a company's future cash flows by looking at the income statement. But they currently do not because expense information is too densely reported, according to recent discussions by the Financial Accounting Standards Board (FASB). Read more

What to do if your nonprofit receives an IRS audit letter

What to do if your nonprofit receives an IRS audit letter

The IRS's staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it is a mistake to assume that the agency has stopped scrutinizing not-for-profits and conducting audits when it deems necessary. Read more

Disclosing government assistance

Disclosing government assistance

In February, Amazon backed out of plans to open a second headquarters in Queens, New York, because of community opposition to roughly $2.5 billion in government incentives. Read more