Clarification on cryptocurrency and foreign reporting requirements

Ever since cryptocurrency began entering the mainstream vocabulary in the last few years, tax professionals have struggled with various reporting requirements related to virtual currency. The IRS eventually provided guidance regarding the reporting of sales and exchanges of cryptocurrency, as well as what transactions are subject to ordinary income treatment versus capital gain. Don’t miss: …

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Your responsibility for quality single audits

Beginning with the Single Audit Act Amendments of 1996, the Office of Management and Budget (OMB) took a leading role in single audits. Single audits are required of any organization who expends more than $500,000 in federal assistance during the year. In June 2007 the President’s Council on Integrity & Efficiency (PCIE) issued a report …

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More changes coming to form 990

The 990 is an annual informational reporting return that nearly all not-for-profit organizations must file with the IRS on an annual basis. It provides various information on the filing organization’s mission, programs, and finances. The 990 received a serious overhaul by the IRS a few years ago, and they’re still making changes to this day. …

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