First-time Plan Audits: What to Expect

  |  September 18, 2018

Growing beyond 100 employees is an important landmark in a company’s history. While companies may view crossing this threshold as cause for celebration, the Department of Labor (DOL) may view it as a trigger for increased scrutiny of your employee-benefit plan. Certain employee benefit plans with 100 or more eligible participants may be required to engage an independent auditor (referred to as an Independent Qualified Public Accountant or IQPA) to audit the plan’s financial records.

Going through an audit for the first time can be a daunting task. Read more. Read More

The Potential Impacts of Tax Reform to Real Estate & Construction Companies

  |  September 10, 2018

On December 22, President Trump signed the tax reform bill, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018," into law, marking the largest change to U.S. tax policy since the 1980s.

With most of the provisions already in place, it is critical to understand the bill’s conference process and IRS regulations issued in 2018, as they will provide guidance on how to apply key provisions along with the intent of Congress in drafting the bill.

To help them navigate the key provisions affecting the real estate and construction industries, we’ve summarized the top considerations and industry implications below. Read more. Read More

NIGC Issues New Guidance on Class III Minimum Internal Control Standards

  |  September 4, 2018

On August 14, the National Indian Gaming Commission (NIGC) announced the approval of non-binding guidance on Class III Minimum Internal Control Standards (MICS).

The NIGC’s Class III MICS were last substantively revised in 2005. In 2006, the D.C. Circuit Court of Appeals ruled that NIGC lacked authority to enforce or promulgate Class III MICS. Since that time, the Class III MICS have remained untouched. Read more. Read More

Upcoming Presentation: The Impacts of South Dakota v. Wayfair

  |  August 29, 2018

The Albuquerque chapter of the Institute of Management Accountants will host James Ortiz, REDW State and Local Tax Senior Manager, as featured speaker for its September meeting.

James will discuss the implications of the South Dakota v. Wayfair ruling on sales and use tax compliance requirements, sales and use tax systems, taxability, and nexus determinations.

Read more for additional information and registration details. Read More

How Deal Insurance Improves M&A Transaction Execution

  |  August 2, 2018

The use of representations and warranties (R&W) insurance in mergers and acquisitions has grown significantly over the past several years and has become an increasingly integral component of the transaction process. This article focuses on how buyers and sellers use R&W insurance for both strategic and risk management purposes to improve deal execution by accelerating the parties’ ability to reach agreement, thereby expediting the close of a transaction. Read more. Read More

IRS Subgroup Recommends that IRS Treat Indian Tribal Governments Like States

  |  July 5, 2018

In recommendations released on June 7, 2018, The Indian Tribal Government (ITG) subgroup of the IRS Advisory Committee on Tax Exempt and Government Entities (ACT)* issued support for an amendment affecting Internal Revenue Code (IRC) Section 6103.  The change would allow the IRS and Tribal Governments to enter into taxpayer information sharing agreements in the same way as the IRS does with federal, state, and municipal governments. Read more. Read More

Tribal Leaders, Your Feedback is Critical on Proposed Department of Interior Reorganization

  |  June 21, 2018

On March 13, 2017, President Trump signed Executive Order 13781, calling on Federal agencies to examine ways they could reorganize to improve efficiency, effectiveness, and accountability. In response, Secretary of Interior Ryan Zinke announced his vision to divide the United States into 13 regions and centralize authority for different parts of Interior within those boundaries. The regions would be defined by watersheds and geographic basins, rather than individual states and the current boundaries that now guide Interior’s operations.

The Bureau of Indian Affairs (BIA) regions and functions will be included in this potential reorganization. Read more. Read More

Tax Scammers Don’t Take a Summer Vacation, IRS Warns

  |  June 18, 2018

Many taxpayers recently filed their taxes and may be waiting for a response from the IRS. Because of this, summertime tends to be a period when phishing emails and telephone scams continue to pop up around the country. Scammers try to get people to disclose personal information such as Social Security numbers, account information, PINs and passwords. 

Watch out for these scenarios - read more. Read More

New FAF Working Group to Address Financial Reporting for Tribal Governments

  |  June 7, 2018

The Financial Accounting Foundation (FAF) is forming a new and landmark tribal-government working group to address financial reporting issues that have long plagued tribal governments. Existing financial-reporting frameworks and audit opinions do not recognize the unique nature of tribes and their commercial enterprises under their status as sovereign Nations as recognized by the federal government. Read more. Read More

IRS Provides Information on Changes to Moving, Mileage and Vehicle Depreciation Expenses

  |  June 1, 2018

The Internal Revenue Service published information May 25 on changes from the Tax Cuts and Jobs Act (TCJA) that affect deductions for unreimbursed employee expenses, move-related vehicle expenses, and standard mileage rates and travel expenses.

Before the TCJA was passed last December, the IRS issued a business standard mileage rate in Notice 2018-03. The mileage rate set for use of a car, van, pickup or panel truck was 54.5 cents for every mile of business travel driven, 18 cents per mile driven for medical purposes or moving purposes, and 14 cents per mile driven in service of charitable organizations. The TCJA then suspended miscellaneous itemized deductions, so the following effects are noted for these vehicle-related categories. Read more. Read More