Nonprofit accounting: what’s the definition of a collection?

What is a “collection” in accounting terms? The FASB recognized that there were some conflicting definitions out there and issued a new ASU to get it straightened out. The new definition of collection is: Works of art, historical treasures or similar assets that meet all of the following criteria: (a) they are held for public …

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Are your frequent flyer miles taxable?

If you have traveled with a major airline recently or opened a new credit card, it’s very possible that you have received frequent flyer miles. While you were dreaming of where those miles might take you, you may not have stopped to ask whether those miles are taxable. Fortunately, frequent flyer miles are generally not …

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California implements Wayfair sales tax threshold

Recently the U.S. Supreme Court issued a landmark ruling in South Dakota v. Wayfair. This ruling opens the door for states to impose sales tax on internet retailers who sell into a state even if they have no property or employees in that state. Not surprisingly, other states have taken notice and are starting to …

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Government fraud: a $6.7 million scheme

By now you are probably familiar with Rita Crundwell, the City Comptroller who embezzled more than $53 million over a 20-year period. If not, click here. That story seems to still get a lot of attention as it is shocking how she was able to get away with so much for so long; however, there …

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The IRS is getting social on Instagram

You can now get tax tips and helpful news from the IRS on Instagram. The agency just debuted its official Instagram account – IRSNews. Last year’s tax reform law brought many tax law changes that will affect virtually every taxpayer. The IRS Instagram account will share taxpayer-friendly information to help you better understand these changes …

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