Credit card compliance is required for any organization accepting credit card payments. As the Payment Card Industry (PCI) Security Standards Council (SSC) rolls out PCI Data Security Standard (PCI DSS) v4.0, it is a good time for organizations to review their credit card processes and ensure they will continue to meet the requirements.
Learn moreThe new rules from the Gramm-Leach-Bliley Act (GLBA) and the Federal Trade Commission (FTC) Safeguards Rule were released in December 2021 and go into effect in December 2022. The changes expand the definition of nonbanking financial institutions to include higher education institutions providing student financial aid.
Learn moreThe Inflation Reduction Act (“IRA”) was signed into law by President Biden this week, marking the end of more than a year’s worth of negotiations on a tax bill previously referred to the Build Back Better Act (“BBB”).
Learn moreRecent storms and flooding in Missouri have resulted in the extension of various federal tax filing and payment due dates to November 15, 2022 for impacted businesses and individuals.
Learn moreEffective July 1, 2022, Colorado imposes a retail delivery fee on all retail sales delivered by motor vehicle to a location in Colorado and include at least one item that is subject to Colorado state sales tax.
Learn moreThe OMB has released the Compliance Supplement for 2022. Some notable items related to Student Financial Aid (SFA) and the HEERF program that will be evaluated by your auditors are as follows:
Learn moreOn May 12, 2022, the Office of Management and Budget released the 2022 Compliance Supplement, which is the earliest release of the Compliance Supplement in recent years. The 2022 Compliance Supplement is to be utilized as the primary audit guide for single audits for entities with annual periods beginning July 1, 2021 or later.
Learn moreUnderlying the current world events is an ongoing campaign of cyber attacks. The mix of nation-state or criminal activity is debatable, but the attacks are ongoing and increasing in intensity.
Learn moreInternational tax information reporting for 2021 brings the addition of two new schedules for passthrough entity tax returns: Schedules K-2 and K-3. Filing requirements may impact domestic partnerships and S corporations with no apparent items of international tax relevance, however, the IRS has provided filing relief for tax years beginning in 2021.
Learn moreOn October 15, 2021 the IRS released a Chief Counsel Memorandum (CCM) detailing the information taxpayers will be required to include when filing a research tax credit refund claim on an amended tax return
Learn moreOn December 3, 2021, the Office of Management and Budget (OMB) released the first of two 2021 Compliance Supplement Addenda (2021 Addendum 1).
Learn moreThe bipartisan Infrastructure Investment and Jobs Act (IIJA) containing $550 billion in new funding for the nation’s traditional infrastructure and broadband was signed into law by President Biden on November 15, 2021. The bill doesn’t have nearly the breadth of tax provisions that the “Build Back Better” bill is proposing, but it does contain a few noteworthy changes. Particularly of interest, it ends the Employee Retention Credit (ERC) one quarter early for many employers.
Learn moreAs previously communicated, healthcare providers who received more than $10,000 of Provider Relief Fund (PRF) payments from the department of Health and Human Services (HHS) on or before June 30, 2020, are required to report on their use of the funds by September 30, 2021.
Learn moreThis is to serve as a reminder and update on previous communications regarding the Provider Relief Fund.
Learn moreLong-awaited additional guidance on the Employee Retention Credit (ERC) was recently provided in Notice 2021-49 covering changes to the credit for quarters three and four of 2021, as well as general guidance for all quarters on a few gray areas.
Learn moreThis RubinBrown Focus on Lease Accounting is the fourth in a series of articles on the new accounting guidance for leases, Accounting Standards Codification Topic 842, Leases (ASC 842). In this series, we will explore different aspects of the new standard. Please contact a member of your RubinBrown team for more information and ways that we may be able to help you.
Learn moreOn July 13, 2021, the Department of Education (ED) published a Dear Colleague Letter (GEN-21-05) changing the verification requirements for the 2021-2022 FAFSA processing and verification cycle, including eliminating the requirement for “V1” verification requirements by all higher education institutions.
Learn moreThis RubinBrown Focus on Lease Accounting is the third in a series of articles on the new accounting guidance for leases, Accounting Standards Codification Topic 842, Leases (ASC 842).
Learn moreOn June 23, 2021, the Department of Education posted a proposed new data collection form for HEERF I, II and III.
Learn moreThis RubinBrown Focus on Lease Accounting is the second in a series of articles on the new accounting guidance for leases, Accounting Standards Codification Topic 842, Leases (ASC 842). In this series, we will explore different aspects of the new standard. Please contact a member of your RubinBrown team for more information and ways that we may be able to help you.
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