- An audit committee should take an active role in the prevention and deterrence of fraud, as well as an effective ethics and compliance program.
- A tax-exempt not-for-profit organization needs to have processes in place to monitor its activities to ensure that the tax-exempt status of the organization's tax-exempt bonds is not lost.
- Organizations that enter into sponsorship agreements with different businesses need to understand the terms of each agreement to help it determine its exposure to taxable unrelated business income (UBI).
- States are becoming increasingly aggressive in looking for new sources of revenue. Historically, states have used nexus inquiries, expanded audits for sales/use and income taxes, and new types of business entity taxes to generate new revenue. Another threat, however, looms on the horizon: unclaimed property examinations.
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