CPAs and Advisors with Your Growth in Mind

Anna Townsend to Speak at Lawyers Mutual Event

On Wednesday, September 24th at the Grandover Resort & Conference in Greensboro, North Carolina, Cherry Bekaert’s Anna Townsend is scheduled to speak at the event, Law Firm Succession: Secrets to a Successful Transition By Selling Your Practice. Presented by the Lawyers Mutual Liability Insurance Company of North Carolina, the program will discuss opportunities and challenges a law firm faces when selling its practice, how to perform a successful transition, finding a possible buyer and other related items. Townsend, a Valuation Manager with Cherry Bekaert, will share with attendees her advice on preparing for a transition, putting together a transition team. Read More.

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IRS to Review Tax-Exempt Meals at Companies

Listed as an administrative priority for the Treasury Department’s fiscal year, the Internal Revenue Service (“IRS”) is evaluating its rules surrounding company tax exemptions for free meals. Currently, companies qualify for the exemption if, as stated by the IRS, their workers cannot “otherwise eat proper meals within a reasonable period of time” and provide food “for the convenience of the employer.” If the IRS begins taxing such meals, company-provided breakfasts and dinners could be affected the most. While the effort is in its initial stages, a spokeswoman for the Treasury Department noted that the goal is essentially to offer additional. Read More.

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GSA Looks to Consolidate Professional Services Schedules

The General Services Administration (“GSA”) has announced its intention to consolidate Multiple Award Schedule (MAS) offerings over the next year. GSA has over 4,400 professional services contracts across eight different schedules. As we have reported in prior posts regarding GSA, the administration is looking for new ways to reduce its costs amid ever-growing budget shortfalls. In addition to cutting contracts who fail to meet the minimum sales requirements, GSA is looking to consolidate what it is now considering to be redundant schedules. According to GSA, there are approximately 527 contractors who hold more than one professional service schedule contract. These. Read More.

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New York Fed Report: Bachelor Degree Offers $300K Value

In the first of four reports discussing issues facing college graduates, the Federal Reserve Bank of New York (“New York Fed”) recently assessed the value of a college degree. After estimating the average wage of college graduates versus people with only a high school diploma over a 40-year working period and incorporating other factors, the New York Fed concluded that the value of a bachelor’s degree remains at $300,000. The value continues to hold steady for over a decade, which has increased since the 1970s and been fairly consistent since the 1990s. While the New York Fed warns that the. Read More.

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Senate Democrats Say Audit Excluded Analysis of Democrat-Backed Groups

After an audit by the Treasury Inspector General for Tax Administration last year discovered the Internal Revenue Service (“IRS”) was unfair in its scrutiny of Republican-backed Tea Party groups, a recent report by the Democratic arm of the Senate Permanent Subcommittee on Investigations (“the Subcommittee”) stated that Democrat-supported groups were given similar attention, but went ignored by the inspector general. Released last week, the report says the IRS mismanaged groups’ applications for nonprofit status, and last year’s audit did not mention the agency’s use of terms like “progressive” to label groups that leaned Democrat. While declining to participate in the. Read More.

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FASB Webinar on 2015 Taxonomy Release This Afternoon

Set for today at 1:00 p.m. EST, the Financial Accounting Standards Board (“FASB”) will host a live webinar on proposed changes to the 2015 GAAP Financial Reporting Taxonomy Release. Entitled, IN FOCUS: Proposed 2015 GAAP Financial Reporting Taxonomy, ASU Taxonomy Changes, Taxonomy Implementation Guides, Taxonomy Simplification, the event’s agenda includes: Update from the Securities and Exchange Commission on current XBRL issues; An overview of the 2015 Taxonomy changes; The new 2014 Taxonomy Implementation Guides; and A discussion of the Taxonomy Simplification findings. For more information or to register, visit the event page .

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