Fraud not only hurts a nonprofit organization financially, it hurts the people it serves and the community that supports it. Due to the negative publicity that can result, it is often kept quiet. But management and Boards of nonprofit organizations need to be aware of the risks and ensure appropriate internal controls are in place. Setting the right "tone at the top" [...]

Welcome to the Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry.In this issue:Watch for Those Red Flags!If you have an investment in an entertainment company, keep in mind that according to the Association of Certified Fraud Examiners, approximately 5 percent of the revenue of [...]

California recently issued Franchise Tax Board Chief Counsel Ruling 2013-04, which deals with the sourcing of management fees for nonresidents of California for services provided to a private equity fund (PEF) and to the fund’s portfolio investments where the services were performed wholly in California.This tax alert contains information on the following:FactsRulingC [...]

California recently issued Franchise Tax Board Chief Counsel Ruling 2013-04, which deals with the sourcing of management fees for nonresidents of California for services provided to a private equity fund (“PEF”) and to the fund’s portfolio investments where the services were performed wholly in California. Facts The taxpayer, an individual nonresident of California wa [...]

Our Tax Alert of Jan. 8, 2014 discussed potential refund claims to recover F.I.C.A taxes paid on severance payments made to former employees. The United States Supreme court issued a unanimous opinion on March 24, 2014 in which it determined that payments to laid off workers are subject to both social security and Medicare taxes. The Supreme Court, which sided with th [...]

Our Tax Alert of January 8, 2014 discussed potential refund claims to recover F.I.C.A taxes paid on severance payments made to former employees. The United States Supreme court issued a unanimous opinion on March 24, 2014 in which it determined that payments to laid off workers are subject to both social security and Medicare taxes. The Supre [...]

By: Jigna Mehta More than 20,000 taxpayers have been targeted recently by calls from fake Internal Revenue Service agents. Thousands of victims, nearly in every state, have lost a total of more than $1 million. According to J. Russell George, Treasury Inspector General for Tax Administration, the fake IRS agents call taxpayers claiming they owe taxes and demand imme [...]

One of the basic responsibilities of a Board is to ensure there are adequate financial resources for the organization to fulfill its mission. Striving for the desired three-to-six months of operating cash reserves is never easy, and we continue to see nonprofits struggle with limited cash operating reserves. Not having sufficient cash reserves makes it difficult to de [...]

On Tuesday, February 26, 2014, House Ways and Means Committee chairman Dave Camp released his long-awaited draft legislation on tax reform. The draft is a 979 page report titled "Tax Reform Act of 2014." If enacted, the draft legislation would usher the single biggest overhaul of the tax code since 1986. The hallmarks of this draft legislation are to reduce the indivi [...]

On Tuesday, February 26, 2014, House Ways and Means Committee chairman Dave Camp released his long-awaited draft legislation on tax reform. The draft is a 979 page report titled “Tax Reform Act of 2014.” If enacted, the draft legislation would usher the single biggest overhaul of the tax code since 1986. The hallmarks of this draft legislatio [...]