Non-Profit Outlook

Industry: Non-Profit

• 05.09.2012 - 2011 Form 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR)
  The purpose of this alert is to remind you of the requirement to file the 2011 United States (U.S.) Treasury Department Form 90-22.1 for non-U.S. bank and financial accounts if the aggregate value of the financial account(s) exceeds $10,000 at any time during the year.
• 05.09.2012 - The Death of SAS70 - The Birth of SSAE16 Standards
  In 1980 the American Institute of Certified Public Accountants (AICPA) implemented the Statement on Auditing Standards No. 70, commonly known as SAS No. 70, to review and evaluate the internal controls of a service organization. SAS No. 70 quickly became a standard for the user organizations to obtain assurance that their data was being protected and managed in a secure manner. At the same time, service organizations were using SAS No.70 as a way to show existing and potential customers that they were utilizing industry best practices.
• 04.27.2012 - Business Software Technology Alignment
  In our last newsletter we introduced the concept of reviewing and assessing the alignment of your business software technology with your business strategy, processes and people. You might wonder how your business software could get out of alignment in the first place and what impact it could have on your business. It is important to understand how to recognize the symptoms and be able to make critical business decisions for your business when the time comes.
• 04.03.2012 - The ABCs of Cloud Computing
  The term “cloud computing” is the new buzz word and hot topic among many businesses and professionals. Unfortunately, many people do not truly grasp its capabilities, limitations and benefits.
• 04.02.2012 - The Federal Office of Management and Budget Proposes Changes to The Federal Single Audit and Related Circulars
  The Federal Office of Management and Budget (OMB) proposed new rules surrounding the federal single audit on February 28, 2012 in the Federal Register Vol. 77, No. 39. This represents the first efforts in many years to revamp the federal single audit process.
• 04.02.2012 - Post-Issuance Compliance Requirements for Tax-Exempt Bonds
  Many tax-exempt organizations have raised money for capital and other improvements through the issuance of tax-exempt bonds. This type of financing requires additional compliance and reporting. In recent correspondence from the IRS, issuers are being asked about their bonds as well as their internal policies to ensure post-issuance compliance.
• 03.30.2012 - Avoiding Taxes on Real Estate Transactions Through Like-Kind Exchanges
  With most of the country experiencing a depressed real estate market, you may find it difficult to sell a business building or apartment building. To make matters worse, a sale could result in significant tax consequences for real estate property that has appreciated in value since it was acquired.
• 03.12.2012 - The Forensic Accountant
  Many people associate forensic accounting with fraud, which is partially true. In fact, forensic accounting deals with several areas of specialized knowledge, in addition to fraud.
• 03.12.2012 - Payroll Tax Holiday Extended for All of 2012
  On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012. The new law extends the employee-side payroll tax holiday, giving wage earners and self-employed individuals 12 months of reduced payroll taxes in 2012.
• 03.12.2012 - Administration Unveils Framework for Business Tax Reform
  A reduced corporate tax rate, elimination of many business tax preferences, a new minimum tax on overseas profits, and much more are all part of President Obama's recently released Framework for Business Tax Reform (the "Framework"). The much-anticipated blueprint of the administration's plans for corporate tax reform was unveiled on February 22, 2012, in Washington, D.C.
• 03.12.2012 - Connecticut’s Economy Shows Improvement, Although Caution Signs Ahead
  Connecticut’s economy showed steady signs of improvement in the last quarter, but there is still reason to be cautious.
• 02.24.2012 - Middle Class Tax Relief and Job Creation Act of 2012
  President Obama on February 22, 2012, signed into law a much-anticipated extension of the employee-side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle Class Tax Relief and Job Creation Act of 2012 (H.R. 3630) by a vote of 293 to 132 on February 17, 2012.

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