Gaming Activities Conducted by Tax-Exempt Organizations Make Sure You Know The Rules Before Conducting Gaming Activities Organizations that conduct gaming activities are subject to federal, state and sometimes local tax law requirements. Activities such as bingo, raffles, lotteries, pull-tabs, scratch-offs, casino nights and other games of chance are considered gaming activities by the Internal Revenue…
As part of FASB’s simplification initiative, in 2016 they issued Accounting Standards Update ASU 2016-09. The ASU creates easier ways to account for share-based payments for both private and public entities. It is intended to simplify both the accounting and presentation in the financial statements with regards to Share-Based Payments. Upon adoption, the amendments can…
NetSuite for Software Companies: Unlocking Your Organization’s Full Potential Software and technology companies operate in one of the most rapidly evolving industries of all, with seismic shifts in development, infrastructure, customer expectations, and business models happening nearly every day. Companies can go from a startup to an IPO to a global enterprise to being acquired…
This education startup has a very widely distributed work force that needs to remain in constant contact. SharePoint was the team’s main tool for collaboration and sharing, but supporting the large user base was causing problems in the organization After reviewing the client’s needs and pain points, Withum proposed ideas to stabilize the environment and…
Supporting Organization Notification Requirements Affiliated tax-exempt organization groups are often structured with various components of a central overall mission delegated amongst the organizations in the group. Organizations recognized as tax-exempt under Internal Revenue Code (“IRC”) §501(c)(3) can be further sub-classified as non-private foundations, or public charities, under IRC §509(a)(1), (2) or (3). Organizations that are…
For most people, the idea of a corporate intranet is a place where you can grab company news, find benefit renewal forms, see the stock ticker, and access the directory. This is all well and good, and if it looks decent and it’s is easy to use, even better! While some might venture to call…
Property tax exemption and tax-exempt hospitals have been a highly controversial area for many years. Most recently, The Carle Foundation (“Carle”) v. Cunningham Township was brought to the Illinois Supreme Court challenging the law that allows Illinois’ not-for-profit hospitals to maintain property tax exemption. The Illinois Supreme Court decision, settled on March 23, 2017, concluded that…
Share Small Business Accounting for Variable Interest Entities (VIEs) Do you own a construction company that leases equipment or a building from another company you also own? If yes, then you might benefit from an alternative to the accounting treatment that previously required consolidation of those related companies. Effective for years beginning after December 15,…
Share A fraud risk assessment is a tool used by management to identify and understand risks to its business and weaknesses in controls that present a fraud risk to the organization. Once a risk is identified, a plan can be developed to mitigate those risks by instituting controls or procedures and assigning individuals to monitor…
Tax Treatment of Securities Transactions This short primer will focus on two specific types of securities transactions which receive Mark to Market (MTM) Treatment. As a refresher, mark to market (“MTM”) tax treatment is when gain or loss on open positions are realized at the end of the period as if they were sold. While…