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IRS’ Final Colleges and Universities Compliance Project Report Uncovers Widespread Noncompliance
Posted by Joe Giso on Fri, Jun 28, 2013 @ 09:14 AM

Colleges and universities make up one of the biggest segments of the non-profit industry. In an effort to improve understanding of and compliance with tax laws, the IRS's Exempt Organizations (EO) Division conducted a survey of 400 U.S. colleges and universities. The survey gathered information on a variety of subjects, including:

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Topics: IRS, Joe Giso, IRS’ Final Colleges and Universities Compliance Pr

New 403(b) Plan Language and Approval Procedures Released By IRS
Posted by Bernard Kaplan on Mon, Jun 17, 2013 @ 09:21 AM

For several years, 501(c)(3) organizations and public schools have been required to have written plan documents for their 403(b) retirement plans, including vital information such as distributions, contribution procedures and limits, and eligibility. However, until recently the IRS hadn’t provided any suggested language or set approval procedure for these documents. Now that the IRS has released sample 403(b) plan language and approval procedures, all 403(b) plan documents will need to be adjusted to contain the suggested language, or variations thereof. The new language and procedures will ensure that all 403(b) plans are in compliance with the law.

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Topics: IRS, Bernard Kaplan, 403(b)

FBAR Must be Received by June 30; E-filing Mandatory Thereafter
Posted by Michael Corrente on Thu, Jun 13, 2013 @ 09:04 AM

Taxpayers with certain signature authority over or financial interest in foreign accounts must annually file Treasury Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”). The FBAR must be received by June 30, which means that anyone who needs to submit should be in the process of preparing and sending their paperwork, if they haven't already.

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Topics: Michael Corrente, FBAR, Foreign Bank and Financial Accounts

Change Up: The Potential Evolution of the Throwback Rule
Posted by Tarra Curran on Mon, Jun 10, 2013 @ 09:25 AM

As a result of our increasingly technology-driven economy, states are refining their taxation schemes to address businesses that don't have a physical presence in the state. The driving concept behind these changes is redefining the term “nexus” as it relates to economic nexus and factor presence nexus. California's Franchise Tax Board (FTB) recently issued a chief counsel ruling addressing the application of the throwback rule in light of its adoption of factor presence nexus. This throwback rule update is applicable to businesses in states that have a throwback rule and have also adopted a factor presence nexus standard.

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Topics: Tarra Curran, Claudia Mullen, Throwback Rule

Does Your Business Need an Annual Audit for ACH Transactions?
Posted by John Robichaud on Wed, Jun 5, 2013 @ 09:32 AM

For several years, banks have been required to meet annual ACH transaction audit requirements. As more businesses have started to use the nation’s ACH network, a common electronic banking service used to transfer funds for collection and payment, the need for greater oversight and regulation has grown. As a result, new rules regarding the roles and responsibilities of what are called “third-party senders” were implemented. Third-party senders are entities that have contracted directly with an Originating Depository Financial Institution (ODFI) or bank for the purpose of releasing ACH entries into the network on behalf of other companies or entities. Under the new rules implemented, third-party senders must also now perform annual ACH audits in order to better protect the banks, related financial institutions, and the ACH network from violations, errors and control shortcomings by third-party senders.

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Topics: John Robichaud, ACH Audits, ACH Transaction Audit

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