The New Lease Standard, Part I

Starting in 2016, the Financial Accounting Standards Board (FASB) began releasing new “leaserules.” After several “exposure drafts” and much discussion, we now have Topic 842, Leases.These new rules will mean a huge change in accounting for leased assets and the...

Fringe Benefits: Bicycle to Work?

As Spring begins to bloom around our country, we tend to get “outdoor” tax questions.  Recently, we were asked about the “bicycle to work” fringe benefit. Internal Revenue Code section 132(f)(1)(D) historically has contained a pretty nice opportunity for workers...

Donations of Labor or Services

With April 15th looming, a question we get several times a year goes something like this: Are donated services/labor tax deductible on the “donors” tax return per IRS rules? Example: College A is in the process of making budget cuts. A few of their current adjunct...

Employee Retention Credit Potential “Snare”

As we move into 2022, one of the top things Bible Colleges and Seminaries should be looking into is whether you qualify for the ERC (Employee Retention Credit).  Actually, there are two credits here: ERC 2020 and ERC 2021 – they ARE different. See NOTE below! For...

Spear Phishing Expeditions

It is important to stay up on cybersecurity issues. Have you heard about “spear phishing?”Generally, Spear phishing involves a malicious email “spoof” attack that targets a specific organization orindividual, seeking unauthorized access to sensitive information. Spear...