(The.Idea.Exchange) Blog. Timely articles on a wide range of topics including new tax legislation, accounting regulations, best practices, industry news, business insights and more.
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has…
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Posted in Tax Legislation, Tax | Leave a comment
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new…
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Posted in Tax Legislation | Leave a comment
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as…
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The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to…
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Posted in Business Management | Leave a comment
Before its winter break, Congress engaged in a flurry of activity. Most notably, it reached agreement on a massive government wide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired,…
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When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that nonprofits already had about accounting for grants and similar contracts. Fortunately, last year, the FASB provided…
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Posted in Not-for-Profit | Leave a comment
A much-hated tax on not-for-profit organizations is on the way out. At the end of 2019, Congress repealed a provision of 2017’s Tax Cuts and Jobs Act (TCJA) that triggered the unrelated business income tax (UBIT) of 21% on nonprofit…
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Posted in Not-for-Profit | Leave a comment
