Insights

As a not-for-profit director, you may occasionally wonder whether it is beneficial to offer compensation to your board members. Most often, not-for-profits that are able to afford to pay their board members are larger, multifaceted organizations, such as art institutions, national foundations or healthcare systems.

After years of consideration, the Financial Accounting Standards Board (FASB) revised lease accounting by issuing Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). In the eyes of the FASB and users of the financial statements, leases in the financial statements of lessees represented valid assets and obligations as a result of the lessee receiving the right to use certain assets while receiving the economic benefits of using such assets.

In-kind donations, also known as gifts in kind, are donations of services, goods or time. They can include physical goods, such as clothing, equipment or supplies, as well as immaterial items like royalties, copyrights, advertising or patents

On April 16, 2019, the IRS Large Business and International (LB&I) division announced the approval of three new compliance campaigns.  All three new campaigns relate to offshore activities of U.S. taxpayers, with one campaign focusing on profits reported by offshore captive services companies.

Ideally, you and your accountant are more than just “advisor” and “client”.With your combined skills, expertise and shared mission to support a thriving business, you’re more like strategic partners.

Exit planning for business owners is not only about the numbers – the value of your business and your personal financial plan.  It is also about planning for that next chapter in your life. 

The third annual Georgia Construction Outlook Survey indicates that labor shortages and reliability from sub-contractors continues to be a looming concern for 83 percent of the state’s privately-held construction companies. The survey was conducted by Bennett Thrasher, one of the country’s largest full-service public accounting and consulting firms, in collaboration with Kennesaw State University’s Department of Construction Management.

As described in previous publications, M&A transactions are traditionally structured on a cash-free and debt-free basis. In the traditional sense, debt includes amounts owed to banks or other third-party lenders and is repaid over a set period of time at an interest rate dictated in the debt agreements.

It is critical for clients and practitioners to appreciate the Internal Revenue Service’s (“IRS”) historic positions and analysis regarding captive insurance companies, in order to fully understand the current captive insurance tax environment. The following discussion focuses on the relevant authorities contained in the Internal Revenue Code and Regulations, the current views of the IRS as set forth in administrative rulings and pronouncements and decisions dealing with what transactions qualified as insurance, and whether the activities of a related captive insurance company are those of a company primarily and predominately engaged in the insurance business.

Private, protected communication is the oxygen for the transfer of sensitive information in today’s environment. Unsecure communication makes us all vulnerable. It is essential that you understand possible weak points so that we all have the most robust, confidentially protected conduit for correspondence.