tax reform - changes to tax planning, preparation and filing
News & Events, Tax

State Legislation Responds to Federal Tax Reform

Maine has not yet enacted legislation in response to federal tax reform, for more information visit our Maine Tax Conformity Article. Massachusetts has not enacted legislation in response to the federal Tax Cuts and Jobs Act (P.L. 115-97, 12/22/2017), but has issued guidance on the state implications of the federal deemed repatriation rules and taxpayers'… Continue reading State Legislation Responds to Federal Tax Reform

News & Events, Nonprofit, Tax

Transportation Fringe Benefits for Exempt Organizations now Recorded as Unrelated Business Income

The Tax Cut and Jobs Act of 2017 added the following provision to the Internal Revenue Code that will cause many tax-exempt organizations to pay the unrelated business income tax (UBIT): Internal Revenue Code (IRC) Section 512(a)(7): Certain qualified transportation fringe benefits, including those relating to parking garages, must be reported as unrelated business income… Continue reading Transportation Fringe Benefits for Exempt Organizations now Recorded as Unrelated Business Income

Credit Union/Financial, News & Events

Current Expected Credit Losses (CECL): Mapping the Road Ahead

Mark W. Ayers, CPA, Principal, Macpage LLC Part One: Where Do We Start? For calendar year end credit unions, CECL will need to be adopted no later than 2021. At the AICPA Credit Union Conference in October 2017, the CECL discussion panel asked the audience of Credit Union financial professionals how far along they were… Continue reading Current Expected Credit Losses (CECL): Mapping the Road Ahead