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New AICPA Technical Questions and Answers Issued on Public Businesses

The American Institute of Certified Public Accountants (“AICPA”) has issued new Technical Questions and Answers (“TQAs”) offering guidance for related terminology and other matters concerning public business entities. Section 7100, Definition of a Public Business Entity, features 16 new questions and answers to help a company determine its status as a public business. Included in the TQAs is detailed guidance addressing depository institutions, broker-dealers, insurance companies and nonprofits. A press release on Section 7100 is available on the AICPA website.

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Bipartisan Legislation Restores Charitable Giving Incentives

President Obama recently signed into law bipartisan legislation that addresses several charitable nonprofit policy issues. Approved by the Senate as the Consolidated Appropriations Act, 2016, the bill permanently restores the following expired charitable giving incentives: The food donation tax deduction. This tax incentive increases the charitable giving limit and permits small businesses that donate wholesome surplus food to a qualified nonprofit organization to receive the same enhanced tax deduction C corporations are allowed to take. In addition, the provision also raises the limit for business donations to 15 percent of adjusted gross income, as well as helps farmers and ranchers via a new. Read More.

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