President Trump signed the latest federal government spending bill on Friday December 20, 2019. The bill includes many tax law changes and extends several expired provisions. The bill also incorporates the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Read on for three changes from the SECURE Act that all taxpayers should know.
Every year, passing tax conformity legislation in the General Assembly is an important issue for Virginia taxpayers, and failure to pass conformity early in the legislative session can cause severe disruption and delay in filing returns and receiving timely refunds.
The U.S. Supreme Court has fundamentally altered Wayfair, Inc., and other online retailers’ ability to offer items at a lower cost than their brick and mortar counterparts. States can now require online retailers to collect sales tax from every customer no matter if they have a physical location in the shopper’s state, leaving online consumers to pay more for the items they buy.
Is your organization ready for its year-end audit? Here are a few tips from an auditor than can help you prepare for a smooth and efficient audit.
Nonprofit organizations have a fiduciary role in managing investments that are the result of donor gifts. For those with endowment funds, there are laws and regulations outlining fiduciary responsibilities with respect to those funds and how the funds are invested and allocated for expenditure. Large nonprofit organizations with significant investments have the resources to engage large institutional investment managers to assist in managing their investment portfolios.
Many people have heard the saying “location is everything.” While it may be debatable that location is everything, location is very important in the Commonwealth [...]
Transparency and accuracy of a nonprofit’s financial statements has become even more vital over the years. Having an audit committee should be essential part of [...]
According to the 2017 Donor-Advised Fund Report created by the National Philanthropic Trust (NPT), individual giving accounted for $281.86 billion, or 72%, of all charitable [...]
The first step in determining if your pension plan might need to be audited is in understanding the concepts of large plans and small plans. A large plan is a plan with 100 or more participants on the first day of the plan year and a small plan has fewer than 100 participants. Why does this matter?
We all learned in kindergarten that one year equals 12 months. Pretty simple, right? Wrong. In the Employee Benefit Plans world, a year does not always equal [...]