With new IRS efforts at transparency, now is the time for nonprofits to review their work plan and develop a potential IRS audit strategy for the year ahead. For 2018, tax gap issues come to awareness. Unrelated business income and employment tax issues are important to note. The first step in resolving potential problems is a compliance check. — Cheryl …
Expanded Missing Participants Program
What Plan Sponsors Need to Know About Terminating Plans The Pension Benefit Guaranty Corporation (PBGC) is helping defined contribution (DC) and other plan sponsors looking to terminate their plans by expanding its Missing Participants Program. For more than 20 years, the program has been available to PBGC-insured single employer defined benefit (DB) plans only. Now, the final rule, published in …
Contractors, Don’t Wait to Act on Revenue Recognition!
The new revenue recognition standard is quickly approaching, so contractors are urged to act now. Revenue recognition standards will shift from a transfer of risks and rewards model to one based on transfer of control. Certain factors play a part in determining revenue recognition and what criteria is needed to qualify. Note several key actions to ensure that you are …