Not-for-Profit Update: July/August 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Preparing for changes in grants management processes
Join RSM on Wednesday, Aug. 23, for the annual federal grants management update webcast to learn about the latest in grants management compliance requirements.
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Uniform Guidance: Procurement grace period extension
Amendment allows one additional year for non-federal entities to implement Uniform Guidance procurement standards.
Read more

Changes to revenue recognition for not-for-profit organizations
A white paper about how entities in the not-for-profit industry may be affected by the new revenue recognition guidance in ASC 606.
Read more

Ransomware: An emerging cyber risk your organization must prepare for
Discover how to protect your organization against ransomware, a growing cyber risk.
Read more

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Not-for-Profit Update: May/June 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

How nonprofits can better leverage data to drive mission impact
Nonprofits typically manage large volumes of information, but often do not leverage that data to its full potential for greater efficiency and decision-making.
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Revenue Recognition Resource Center
Information about the new guidance in ASC 606
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Trump administration releases tax reform proposal
On April 26, 2017, top representatives from the Trump administration announced their long-awaited proposal for tax reform.
Read more

Making the case for business process outsourcing
What trends are driving the increased focus on outsourced services today?
Read more

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Tax Update: February 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Border Adjusted Tax proposals may impact exporters and importers
A new destination-based tax regime may be part of comprehensive tax overhaul, but details remain unclear.
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New revenue recognition guidance is looming
Even though the tax rules have not changed, a change in book recognition could create a change in the tax method of accounting.
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Employee stock ownership from three perspectives (video)
Employee stock ownership plans can be attractive to business owners, employees and companies overall. Anne Bushman discusses the benefits.
Watch now

Final rules require 5472s from foreign-owned disregarded entities
Read more

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: January 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Will 2017 be the year to extend your 2016 tax return?
This filing season brings many changes and unknowns that may cause taxpayers to revisit the question of filing an extension.
Businesses expanding or increasing activity in their current state or in new states should consider the benefits of state tax credits.
In light of a Trump presidency, what should business owners consider when planning their business sale?

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: December 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Special Report
On the horizon: Tax reform
Expecting tax reform to become a reality, companies and individuals may want to take action before 2016 ends.
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Revised Form I-9 Required in January 2017
Changes to the form are intended to help employers reduce technical errors and facilitate electronic completion.
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Tax reform likely to occur next year
Expect tax reform to be a central focus of the new Congress and new administration in early 2017.
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US Treasury’s much-anticipated debt-equity regulations
New debt-equity regulations provide documentation requirements and equity recharacterization rules. How could your business be affected?
Read more

2016 year-end state and local tax considerations
Understand legislative changes that may affect your 2016 state and local tax compliance and 2017 planning.
Download the guide

Economic and market outlooks
The middle market is an oft-overlooked part of the US economic engine. Our economic and investment insights put these trends into perspective.
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Business succession financial planning and wealth Preservation
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State tax claim filings: Check and check again
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Is there a better way to international tax reform?
Read more

Clarification on reporting for building rehabilitation expenses
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8 corporate and M&A tax considerations for year-end planning
Read more

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Not-for-Profit Update: November/December 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Gaining approval and building momentum in fundraising campaigns
Understanding the importance of capitalizing on momentum and further engaging not only donors, but also key volunteers and employees.
Read more

Federal grants management update: Understanding new guidelines
Over the last year, the federal government has implemented several significant changes to grants management regulations that are typically only seen once in a generation.
Read more

The real cost of a data breach
To successfully navigate today’s cyberthreats and effectively respond to data security events, understanding the costs associated with a data breach is critical.
Read more

Large animal shelter leverages RSM FAO resources to manage finances
Financial accounting outsourcing (FAO) helps an animal shelter increase financial efficiency and visibility to build on success and develop a vision for the future.
Read more

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

FLSA Overtime Rule Blocked by Federal Judge

The federal overtime rule scheduled to take effect on December 1, 2016 has been blocked by U.S. District Judge Amos Mazzant III, who issued a preliminary injunction on Tuesday. The Department of Labor (DOL) rule would have essentially doubled the Fair Labor Standards Act (FLSA) salary threshold for overtime pay exemption.

To learn more about what this recent development means for you and your business, click here for an informative article from the Society for Human Resource Management.

 

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At Insero, we make it our business to stay abreast of the latest trends and technical updates and we understand how important timely updates are to our clients. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Tax Update: November 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

4 tax issues driven by organic growth
Taxation of internally-generated profits can vary. Capital investments in new products, services or facilities can create tax opportunity or risk.
Read more

Managing your personal wealth after leaving a closely held business
Business succession financial planning requires introspection. You must quantify core capital needs and define estate and charitable goals.
Read more

US Supreme Court to hear Delaware unclaimed property check dispute
Twenty-three states challenge the escheat of MoneyGram official checks, claiming instruments should have escheated to state of purchase.
Read more

FATCA and other year-end global information reporting considerations
Read these tips for internationally active taxpayers on FATCA classifications, preparation for CRS reporting and more.
Read more

Business succession planning: Why it is critical to revisit your plan now
The ins and outs of estate planning strategies and key provisions of the proposed regulations to section 2704 and how to prepare.
Read more

Current issues and opportunities for ESOP companies
The ESOP community remains vibrant with maturing ESOPs and many beginning to explore the possibility.
Read more

6 steps to solving the country-by-country reporting challenge
Learn a straightforward six-step process to help U.S. multinationals address new IRS country-by-country reporting requirements.
Read more

Draft remote seller legislation provides unique federal solution
Read more

Review your tax technology now to avoid headaches tomorrow
Read more

Follow new guidance when correcting qualified retirement plan errors
Read more

Apple’s influence on international tax policy
Read more

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: July 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the McGladrey Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Federal

  • Plan sponsors must pay health plan fee by July 31, 2016
  • Grantor’s death can compromise S corporation’s status
  • Potential tax traps for employees who become partners
  • How research tax credits are limited for partners and S corporation shareholders
  • Proposed regulations could affect subchapter S status
  • Look for upcoming ‘hot dog stand’ guidance on corporate spin-offs
  • Controlling shareholder is liable as a transferee for corporate level tax
  • IRS addresses deferred revenue treatment in taxable stock acquisition

International Tax

  • Global survey reveals BEPS middle market impact
  • Multinationals with Indian or Singapore investments should evaluate whether to change investment structures

State and Local Tax

  • Oklahoma eliminates ‘double’ state and local tax deduction

Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: June 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the McGladrey Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Federal

  • Pension maximization-a/k/a ‘pension max’
  • Tax treatment of a simple agreement for future equity is not a lock
  • Employer action advised on new health insurance notices
  • Gasoline gallon equivalents for alternative fuel tax credits
  • Deductibility of accrued customer rewards

International Tax

  • International impact of the proposed debt-equity regulations
  • New proposed reporting requirements for foreign-owned DREs

State and Local Tax

  • Colorado department clarifies treatment of electronically delivered software and maintenance agreements
  • Missouri Supreme Court takes narrow view of grocery exemption
  • Tennessee court disallows retailer’s bad debt deduction for third-party write-offs
  • Texas comptroller denies COGS deduction for technology service provider

Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

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