- The Internal Revenue Service (IRS) has modified Form 990, Schedule A with regard to public support status for the type of public charity organizations known as “supporting organizations.”
- In 2014, the Financial Accounting Standards Board (FASB) issued eighteen Accounting Standards Updates (ASUs). There are several major areas expected to be updated in 2015, including leases, disclosure framework, and accounting for financial instruments. To help you review the most recent updates, links are provided to the detailed FASB information for each of the 2014 ASUs.
- The Employee Benefit Plan Audit Quality Center has recently released a Plan Advisory (the Advisory) on the importance of hiring a quality auditor in respect to your employee benefit plan; this advisory covers the financial statement audit's significance to users, and the risk a plan sponsor will face if a quality audit is not performed. The Advisory also provides guidance in evaluating auditor qualifications, and includes a complete overview of the proposal process.
- This bi-monthly healthcare update addresses updates and proposed changes to rules from the Centers for Medicare & Medicaid Services (CMS) and Department of Health and Human Services (HHS), updates on a lawsuit brought by the American Hospital Association, and possible changes to Medicaid reimbursement.
- In Internal Revenue Bulletin 2014-47, the Internal Revenue Service published Rev. Proc. 2014-59 (loss payment patterns and discount factors) and Rev. Proc. 2014-60 (salvage discount factors) for 2014.
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