Higher Education

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New FASB Guidance on Accounting for Leases

On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The ASU will require organizations that lease assets to [...]

Best Practices for an Audit Committee

Increased attention and scrutiny from the public, government agencies, and financial institutions have placed a greater emphasis on accountability, transparency, and risk management for colleges and universities and their foundations. One of the first steps [...]

By | February 18th, 2016|Higher Education, Tax|

How to Max Out Education-Related Tax Breaks

If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which [...]

By | February 17th, 2016|Higher Education, Tax|

Deduct Home Office Expenses — If You’re Eligible

Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility Requirements If you’re an employee, your use [...]

Institute of Internal Auditors Research Foundation Touts the Benefits of Outsourced Internal Audit

The Institute of Internal Auditors (IIA) recently released a report which examines outsourcing of internal audit activity. Over 50% of North American companies participating in the survey use third parties to support their internal audit [...]

Higher Education Training Day Recap

Last Friday marked a day of dynamic discussions in the local higher education industry. College and university professionals in the finance and accounting, student financial aid, and internal audit departments attended the second annual Higher Education Training Day [...]

By | February 11th, 2016|Higher Education|

Extension Means Businesses Can Take Bonus Depreciation on their 2015 Returns…

...But Should They? Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH [...]

Are you Starting 2016 in the Right Direction?

The U.S. and international economies are becoming more competitive every day. Many of us are competing for the same workforce; for others it may be the same customer, but we have to ensure that we [...]

File Early to Avoid Tax Identity Theft

If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — or perhaps even just a [...]

Energy Efficient Tax Incentives

The Energy Policy Act of 2005 was enacted to provide immediate tax savings opportunities for energy efficient improvements. For commercial buildings, the Energy Policy Act of 2005 allows for a tax deduction of up to $1.80 [...]