Ohio & South Carolina Approve Cybersecurity Laws

The National Association of Insurance Commissioners (NAIC), the standard-setting body for U.S.-based insurers, introduced a new cybersecurity standard in October of 2017. This “Model Law,” formally known as the Insurance Data Security Model Law, sets certain security expectations and operations guidelines for insurance companies. If insurance companies are licensed or write business in various states, […]

Change in Qualified Transportation Fringe Benefits for Nonprofits

The changes introduced in the tax reform bill passed in December of 2017 caused quite a stir, and nonprofits have certainly taken notice. One of the provisions in particular may pack more of a punch than initially thought. With the Tax Cuts and Jobs Act (TCJA), Congress disallowed entity-level deductions for expenses that are more […]

Corporate Governance Annual Disclosure Reminder

Insurance company management teams have just completed their annual statement filings for the 2018 calendar year and will soon be having meetings with their Boards of Directors to discuss 2019.  We consider now a good time to remind Pennsylvania companies that the Corporate Governance Annual Disclosure (CGAD) was signed into Pennsylvania law in 2018, with […]

How to Identify Tax Scams in 2019

Calculator - Taxes

This post originally represented data from the IRS’ 2018 “Dirty Dozen” list. It was updated on 3/26/2019 to reflect the 2019 list and statistics. Every year, the Internal Revenue Service produces a “Dirty Dozen” list of the 12 most common tax scams from the prior year. This list serves to inform taxpayers of the complex […]

The Pennsylvania Malt Beverage Tax Credit: What Brewers Need to Know

The Pennsylvania Department of Revenue is accepting applications for the Pennsylvania Malt Beverage Tax Credit program. The program is intended to offset the cost of investment for manufacturing expenditures of small brewers in the malt or brewed beverage industry. Who Qualifies for the Pennsylvania Malt Beverage Tax Credit? A taxpayer that is a manufacturer of […]

The Impact of Tax Reform on Agriculture and Farming

The Tax Cuts and Jobs Act (TCJA), passed by Congress in December of 2017, represents the largest change to our tax code in 30 years and touches just about every taxpayer in every industry. Here is a look at some provisions of the Tax Cuts and Jobs Act that will impact agriculture and farming. Expanded […]

Changes to Accounting Methods under Tax Reform

The Tax Cuts and Jobs Act (TCJA) includes a number of crucial changes to accounting methods for federal income tax purposes. In general, the new law increases gross receipt thresholds and indexes them for inflation. Taxpayers are required to use the accrual basis accounting, account for inventories, capitalize certain overhead costs as inventory or use […]

Nonprofits: Take Note of Expense Reporting Changes

Nonprofits must be on their toes nowadays. New regulatory changes are being introduced constantly, many in just the last two years, including: an updated accounting standard that requires a complete overhaul of the reporting process; a tax law that threatens future donations revenue; and, new state-wide audit requirements. It can be a lot to keep […]

New Reporting Rules Impact Nonprofit Organizations

Most nonprofit executives are focused on fundraising, service and program delivery, staff development and community relations. Ensuring the organization is well funded and staffed to provide the services needed to meet the mission statement is usually at the top of the list. So on the list of priorities, financial reporting may sometimes fall lower on […]