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2018 Year-end House Cleaning: Tax Tips for Business and Acing the New NFP Standard

As the year comes to an end, both not-for-profit and for-profit entities have some things to consider.

New not-for-profit reporting standard: Areas to address

For-profit tax considerations: Bonus depreciation and section 179 depreciation

One of the many provisions significantly amended by the Tax Cuts and Jobs Act (TCJA) was Internal Revenue Code Section 274, which disallows a deduction for tax-free employer-provided parking. Recently, the IRS issued its long-awaited guidance on this code section in the form of Notice 2018-99. Here's the good news. Not-for-profits are also affected.


Reading through the 133-page exposure draft for the Proposed Statement on Auditing Standards (SAS) Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, issued back in April 2017, and then comparing it to the final 100+ page standard approved in September 2018, may not sound like a fun way to spend a Sunday morning sipping a coffee (or three), but I disagree.


As a result of the Supreme Court’s ruling in South Dakota v. Wayfair, Inc., non-U.S. entities that have sales to customers in the U.S. may have unexpected sales and use tax filing obligations on a go-forward basis. 

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