Latest Articles

  • IRS Rules That Retirement Payments Are Subject to Self-Employment Tax

    By:
    Chris Gaetano
    |
    Feb 8, 2017
    If you're retired but still receiving payment from your former employer, perhaps as part of a previous agreement, then those payments are subject to self-employment taxes, according to a recent letter ruling from the IRS. 
  • Engagement Partner Names Now Searchable in PCAOB Database

    By:
    Chris Gaetano
    |
    Feb 7, 2017
    Information from the first Form AP filings, which among other things discloses the name of the engagement partner who worked on an audit, is now available in a searchable PCAOB database. 
  • SEC to Revisit Pay Ratio Rule

    By:
    Chris Gaetano
    |
    Feb 7, 2017
    Michael Piwowar, acting SEC Chairman, said that the agency will be revisiting a rule that required companies to disclose the ratio of compensation between executives and rank-and-file employees, as he said a number of filers have reported unanticipated compliance difficulties. 
  • Cybersecurity expert: Best defense is common sense

    By:
    Chris Gaetano
    |
    Feb 6, 2017
    Cybersecurity risks are just as real for small charities as they are for multinational corporations. Without the big budgets to spend on an advanced cybersecurity program, however, nonprofits face more challenges, particularly when it comes to protecting donor information. Fortunately, there are measures even small organizations can take to protect themselves which won’t break the bank.  That was the message that Richard Nathan, a cybersecurity specialist, emphasized when speaking at the 39th Annual Nonprofit Conference on Jan. 12, sponsored by the Foundation for Accounting Education
  • Speakers reveal the many hats of the nonprofit CFO

    By:
    Chris Gaetano
    |
    Feb 6, 2017

    Years ago, the nonprofit CFO’s role was mainly operational: overseeing functions such as accounting, budgeting and investments. But today’s CFO must be on top of governance, information technology, funding, compliance regulations, risk mitigation, insurance, employee benefits, time management and contracts, said Ronald F. Ries, a partner at WeiserMazars LLP and a panelist at the Foundation for Accounting Education’s 39th Annual Nonprofit Conference on Jan. 12. 

  • The Day After Superbowl, Millions Take Day Off

    By:
    Chris Gaetano
    |
    Feb 6, 2017
    If you're reading this, you're probably NOT one of the 16.5 million people who are expected to call out sick the day after the Superbowl, though perhaps you are one of the 7.5 million who will come in late. 
  • TIGTA: IRS Had a Rough 2016 Filing Season

    By:
    Chris Gaetano
    |
    Feb 6, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) said that the IRS faced a lot of challenges last year, particularly when it came to adjusting to the late passage of legislation that extended a number of expired tax provisions, and as a result failed to establish or update key processes, and made numerous processing errors. 
  • Regulatory Roundup, Feb. 1-6

    By:
    Chris Gaetano
    |
    Feb 6, 2017
    With so many regulators out there, it can be tough to keep track of everything they say from week to week. Luckily we here at the Trusted Professional have collected relevant regulatory announcements from this past week and put them here in one place to help you stay on top of regulatory issues or matters.
  • IRS Releases New, More User-Friendly Form 990-EZ

    By:
    Chris Gaetano
    |
    Feb 3, 2017
    The IRS has released an updated Form 990-EZ, Short Form Return of Organization Exempt From Income Tax that is meant to be more user-friendly than previous versions in order to prevent the most common filing mistakes made on the form. 
  • Trump Halts Fiduciary Rule, Vows Review of Dodd-Frank Regulations

    By:
    Chris Gaetano
    |
    Feb 3, 2017
    Donald Trump signed an executive order halting the implementation of a rule that required investment advisers to use the fiduciary, rather than suitability, standard when dealing with clients, and on top of that promised a broad review of regulations put into place through the Dodd-Frank Act of 2010.