In the past year, businesses and organizations have experienced more information security breaches than ever before. As our dependence on information technology grows, we must also devote a new level of attention to how we protect our data. LBMC has an entire practice area that is dedicated to providing the resources professionals and businesses need to ensure adequate safeguards over their sensitive information...
You may have heard about the new Uniform Guidance for federal funding, (aka the “Super Circular”) that replaces the Office of Management and Budget (OMB) Circulars A-110, A-122, A-133 and others. As reported by OMB recently, the changes to the procurement standards for federally-funded organizations are being granted a grace period for implementation. This article will go deeper into the...
Fraud continues to be a rampant epidemic and a terrible economic reality. If occupational fraud were a country it would have a national economy ranking in the top-10 across the globe. That is the problem we are all tasked with considering and defending, at least a little corner of that problem for each of us.
Due to highly publicized fraud cases and poor governance practices, as well as state budget issues, more people are scrutinizing the activities of not-for-profit organizations. This, of course, results in greater board and committee member expectations, donor questions and new regulatory requirements.
The IRS has busted through the logjam of applications for recognition of exemption due in part to the now available Form 1023-EZ. A shorter application released in July, 2014, the 1023-EZ provides certain “small” organizations with a streamlined process for obtaining a determination.
The White House recently announced a series of
executive actions for subsidies totaling roughly
$550 million from NASA and the U.S. Departments
of A griculture, Energy and Defense for investments
in advanced manufacturing. These actions provide
financial incentives for your company to increase
spending on technology and training, if it’s not
already part of your 2015 budget.
Inventory is one of the biggest assets on a
manufacturer’s balance sheet. It’s also one of the
hardest assets to measure and track. Thousands
of transactions flow through the inventory account
each year — and many of these journal entries
require subjective estimates, such as overhead
allocations, write-offs and valuation adjustments.
In addition, many employees have direct daily
access to inventory or inventory...
In the past, many businesses were uncertain how to account for costs to acquire, produce or improve property, plant and equipment. So, in 2013 the IRS issued regulations on capitalizing versus deducting the costs of tangible personal property. In 2014, the IRS added rules covering dispositions of tangible property.
The term “constructive dividends” refers to dividends that the IRS may attribute to shareholders of companies who receive the benefit of services or goods without being taxed on them. A recent case on this issue decided by the U.S. Tax Court involved the owner of a construction firm.
With the holidays coming up, it's a good time to review the tax rules involved in giving gifts to employees. The taxability of employee gifts generally depends on the value and the type of award. Here are some questions and answers that illustrate the complexity of the issue: