Accounting for contribution vs. exchange transactions can be a complicated topic for most nonprofit organizations. Not only are the accounting standards confusing and difficult to grasp, poorly written agreements or miscommunication can lead to an overwhelming process. Our non-profit team at Reese Henry differentiates between the two, which will hopefully help save some headaches.
Homeowners’ Association Board Accountability and Transparency
On August 9, 2022, Colorado legislature passed into law House Bill 22-1137 – Homeowners’ Association Board Accountability and Transparency. Under this bill, sweeping changes have been made to how Associations can collect unpaid assessments, fines and fees, and limitations on the use of common elements.
Retroactive Pass-Through Entity Tax in Colorado
On May 16, 2022, Colorado Governor Jared Polis signed Senate Bill 22-124 (SB 22-124) expanding and clarifying the originally enacted elective pass-through entity (PTE) tax regime. As explained below, these changes may allow taxpayer owners of partnerships and S corporations to recoup the Federal benefits of certain state and local taxes paid in excess of current tax limits.
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Proposed Provisions in the Build Back Better Act [Updated]
Update on the Employee Retention Credit (ERC)
The IRS released additional guidance (Notice 2021-49) for the employee retention credit (ERC) on August 4th, 2021 that amplifies previous guidance issued in Notice 2021-20 and Notice 2021-23. Notice 2021-49 also clarifies some areas for both 2020 & 2021 and it also provides guidance for Q3 & Q4 2021.
Summary of Key Proposed Changes to Tax Law Under the Biden Administration [Updated]
Although there is significant uncertainty on which proposals will be enacted into law, it is expected that President Biden’s infrastructure plan will bring a variety of changes to the nation’s tax policies. Below is a summary of some of the key proposals to the tax law, and potential planning strategies for consideration.