BLS Insights

Discover the depth of BLS knowledge and information.

Year: 2018

Accounting for Grants and Contributions (ASU 2018-08) – Part I

December 20, 2018

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.

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It’s almost 1099 Season! Time to Get Ready

December 18, 2018

As the end of the year quickly approaches, the January 31, 2019, 1099-MISC filing requirement is on the horizon.

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UPDATE – IRS Issues Guidance on Employee Parking and Unrelated Business Taxable Income for Nonprofit Organizations

December 13, 2018

When the Tax Cuts and Jobs Act (TCJA) was signed into law in December 2017, it amended Section 274 and Section 512 of the Internal Revenue Code (Code) and opened the door for the potential of nonprofit organizations generating unrelated business taxable income (UBTI) due to the parking they provide to their employees.

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2018 Tax Cuts and Jobs Act – Auto Provisions

November 15, 2018

The Tax Cuts and Jobs Act (TCJA) made several changes to the automobile provisions, which results in various increased benefits for business owners.

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Year-End Tax Planning Moves for Individuals and Small Businesses

November 06, 2018

Tax planning is a year-round effort, but as the end of the year approaches and your income and deductions become more evident, it is a good time to take a final look at where you stand and what you can do to minimize your 2018 tax liability.

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It’s Time To Be Looking at Year-End Tax Planning

October 04, 2018

It’s never too early to think about tax planning and with new rules in force for 2018 (Tax Cuts and Jobs Act, the “Act,” or “TCJA”), NOW is a good time. Below are a few key provisions of the Act with related planning tips. Keep in mind that most individual provisions are temporary and expire … Continued

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Nonprofit Losses from Fraud Are on the Rise

September 20, 2018

The 2018 Report to the Nations shows there has been an increase in the per-incident losses among nonprofits over the past two years. According to the 2016, report religious, charitable, and social service organizations were experiencing a median fraud loss of $82,000 based on the ACFE’s 2016 report, and that number rose to $90,000 per … Continued

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Scam Warning for Pennsylvania Tax Notices

September 05, 2018

Unfortunately, there is no shortage of fraudulent schemes to scam you out of your money or grab your identity.

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Business Meals and Entertainment—Is there still a deduction available after TCJA ?

August 30, 2018

Meals and Entertainment has a long history as targets for perceived (or not) abuse by businesses and taxpayers  which in turn brought scrutiny from the IRS. 

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Cybersecurity and Ransomware in County and Municipal Government

August 23, 2018

The City of Atlanta has gotten a great deal of unwanted publicity since it fell victim to a ransomware attack in March 2018.

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