Proposed Accounting Changes for Not-for-Profits

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The Financial Accounting Standards Board (FASB) recently released an exposure draft of a Proposed Accounting Standard Update which will impact Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954). The objective of the update is to improve the requirements for net asset presentation and improve the information in the financial statements and notes relating […]

IRS Joining Forces with Private Sector to Fight Identity Theft

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There is, perhaps, no problem looming larger with the Internal Revenue Service than taxpayer identification protection. The recent news of an IRS data breach bodes poorly for the Agency as its ongoing efforts to thwart stolen identities has been less than successful. Now the Internal Revenue Service has announced that it is collaborating with leading […]

Selecting a Cloud-Based Software, Data Storage and Other Services Provider

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Everyone by now has knowledge of a virtual computer concept generally referenced as “the cloud.” Over the last several years more and more companies are actively exploring their information technology options relating to cloud-based software, data storage and other available services. Law firms are no exception and the American Bar Association (ABA) now reports that […]

Attorney-Client Privilege Protected for Company’s Internal Documents

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In a good win for the taxpayer, the state of California Northern District Court denied enforcement of an Internal Revenue Service Summons requesting certain taxpayer information prepared by the corporation’s internal legal team for use by its external legal team. To support its worthless stock deduction of approximately $503 million, Sanmina Corporation provided the Internal […]

Proposed Legislation Could Affect Taxes in PA

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Legislation that proposes to reduce school property taxes in every district in Pennsylvania was passed by a 105-86 vote by the Pennsylvania House of Representatives on May 13, 2015. House Bill (HB) 504, which is similar to Governor Tom Wolf’s budget that was proposed in March, would increase the current 6% sales and use tax […]

IRS Data Breach

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As you’ve no doubt heard by now, hackers breached the Internal Revenue Service’s Get Transcript Online service and obtained the past tax return data of more than 104,000 taxpayers while attempting to access data of more than 200,000 taxpayers. The hackers previously gained sufficient information from an outside source to allow access to the IRS […]