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Governmental Accounting Standards Update: 5/12/20

Posted 3:00 PM by
The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S. GAAP).
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GASB Proposes to Postpone Effective Dates of Certain Pronouncements Due to COVID-19

Posted 9:22 PM by
On April 15, 2020, the Governmental Accounting Standards Board (GASB) proposed to postpone the effective dates of a significant number of the upcoming GASB statements and implementation guides, which were previously due to be implemented by state and local government units for fiscal years 2019 and later.
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IRS Updates Business Meals and Entertainment Guidance

Posted 6:45 PM by
On Feb. 21, the IRS released proposed regulations on the treatment of meals and entertainment expenses based on the modifications imposed when the Tax Cuts and Jobs Act (TCJA) was passed into law. The proposed regulations primarily serve to reinforce and clarify the rules previously established in the TCJA and IRS Notice 2018-76. This article addresses some of the key provisions and considers the impact on businesses.
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Accounting Updates for Government Entities: GASB Statement No. 87, Leases

Posted 6:30 PM by
The Governmental Accounting Standards Board (GASB) has created a single approach to accounting for and reporting of leases with the issuance of GASB Statement No. 87, Leases (Statement 87). State and local governments should expect Statement 87 to have a significant impact on their financial statements.
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Further Consolidated Appropriations Act, 2020: Tax Changes and Retirement Planning Implications

Posted 5:30 PM by
In December 2019, President Trump signed into law the Further Consolidated Appropriations Act, 2020, a sweeping year-end spending bill that funds federal government agencies in a discretionary portion of the federal budget through September 2020. In addition to addressing government funding, the Act also extends many tax provisions that previously expired, alters other long-standing tax provisions – many of which affect retirement-planning efforts for both individuals and plan sponsors – and more.
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IRS Delivers Final Opportunity Zone Regulations

Posted 6:00 PM by
On Dec. 19, 2019, the IRS released a long-awaited gift to the tax and investment communities. A robust 544-page dissertation in the form of final Qualified Opportunity Zone regulations. The proposed guidance issued prior to the release of these final regulations left many unanswered questions and produced more than a few perplexing outcomes.
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QOZs and Multi-Asset Funds: Tread Carefully

Posted 6:15 PM by
The many investors already leveraging the recently created Qualified Opportunity Zone program are continually asking whether a Qualified Opportunity Fund (QOF) should hold a single asset or, in the interest of diversification and economies, multiple assets. With the benefits of a single capital raise, a single fund is enticing – and it may bring less uncertainty to the table.
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Hayes to Present at Central Indiana Government Accounting Conference

Posted 5:39 PM by
Katz, Sapper & Miller’s Justin Hayes, director in the firm’s Governmental Services Group, will present at the Central Indiana Chapter of the Association of Government Accountants’ 2019 Conference. Taking place on Sept. 19 in Indianapolis, the conference will bring together state and local finance professionals to discuss the latest updates in governmental accounting.
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Opportunity Zones: Changing the Course of Real Estate Investment

Posted 3:02 PM by
The economic divide in large cities continues to expand. Despite a financial resurgence following the 2007-2009 recession, the system wasn’t fixing itself. Enter Qualified Opportunity Zones (QOZ), a program included in the Tax Cuts and Jobs Act of 2017 designed to boost development in economically distressed communities. In exchange for new investments in these communities, investors receive preferential tax treatment.
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Governmental Accounting Standards Update: 7/9/19

Posted 2:00 PM by
The Governmental Accounting Standards Board (GASB) has issued Statement No. 91, Conduit Debt Obligations to improve the existing standards by providing a single method for government issuers to report conduit debt obligations and related commitments and to eliminate diversity in practice associated with reporting conduit debt obligations.
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