Aug 1, 2022 | Firm Updates, News Brief
Tax-exempt organizations have a federal income tax exemption and are not required to pay tax on exempt function income. However, in the 1950s, Unrelated Business Taxable Income (UBTI) was enacted to eliminate unfair competition between tax-exempt organizations and...
Aug 1, 2022 | Firm Updates, News Brief
While the dictionary definition of philanthropy is “the desire to promote the welfare of others, expressed especially by the generous donation of money to good causes,” millennials have modernized the word to encompass a broader meaning of helping their community...
Dec 13, 2021 | Firm Updates, News Brief
The effective date for the new lease standard was postponed due to the COVID-19 pandemic, however, that extension is now quickly coming to an end. In February 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02...
Dec 13, 2021 | Firm Updates, News Brief
New York State has enacted a new pass-through entity tax (PTET) for tax years beginning on or after January 1, 2021. The PTET is an optional tax that partnerships or NYS S corporations may elect annually. For PTET taxable years 2022 and later, the eligible entity may...
Dec 13, 2021 | Firm Updates, News Brief
2021 brought a multitude of changes affecting taxpayers and with additional legislation, known as the Build Back Better Act, currently being debated in Congress, it looks like 2022 will be no different. The House of Representatives passed the bill on November 19, but...
Sep 15, 2021 | Firm Updates, News Brief, Small Business
Outsourcing your organization’s accounting function is a flexible, cost-effective way to address the ever-changing operational needs of your organization. There are many different accounting tasks that can be outsourced, each of which can provide a variety of benefits...
