Searching Content indexed under Accounting and Audit by Proskauer Rose LLP ordered by Published Date Descending.
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OFCCP Revises Proposed Audit Scheduling Letters
On June 28, 2019 The Office of Management and Budget ("OMB") published notice that "OFCCP seeks to revise the letters used to schedule compliance evaluations."
United States
31 Jul 2019
SEC Adopts Amendments To Auditor Independence Rules Addressing Lending Relationships
On June 18, 2019, the Securities and Exchange Commission (the "SEC") adopted amendments to Rule 2-01 of Regulation S-X
United States
12 Jul 2019
OFCCP Proposes Changes To Audit Scheduling Letters
Quick Hit: OFCCP recently issued a request to the Office of Management and Budget ("OMB") seeking approval of changes to its "scheduling letter, compliance check letter, [] Section 503 focused
United States
3 May 2019
BREAKING: OFCCP Selects Contractors For 2019 Audits
On March 25, 2019 OFCCP posted the 2019 CSAL list on its FOIA website, identifying contractors selected for compliance evaluations.
United States
5 Apr 2019
SEC Brings Enforcement Proceedings On Non-GAAP Financial Disclosure
The company settled the action, agreeing to pay a civil money penalty of $100,000.
United States
18 Jan 2019
OFCCP Issues Directive Announcing "Affirmative Action Program Verification Initiative"
OFCCP has issued a new Directive (Directive 2018-07), announcing its intention to develop an Affirmative Action Program Verification Initiative (the "Verification Initiative").
United States
5 Dec 2018
FASB Updates For 2016 Financial Statements Could Impact Permissible Adjustments Under Code Section 162(m)
IRC Section 162(m) provides that a public company may not deduct annual compensation paid to a "covered employee" in excess of $1,000,000 per year, other than certain "qualified performance-based compensation."
United States
28 Jan 2016
Partnership-Level Tax Under New Audit Rules
The Bipartisan Budget Act of 2015, signed into law on November 2, 2015, has significantly changed the partnership tax audit rules, effective for tax years beginning after December 31, 2017.
United States
6 Nov 2015
Proposed Changes To Financial Accounting For Not-For-Profit Entities
The proposed rules would eliminate the distinction between assets with temporary restrictions and those with permanent restrictions.
United States
21 Jul 2015
SEC Issues Guidance To BDCs Regarding Consolidated Financials
The SEC issued a Guidance Update regarding whether wholly owned subsidiaries should be consolidated in the financial statements of business development companies.
United States
18 Nov 2014
Proposed Regulations Limit Executive Compensation And Administrative Costs Of New York State-Funded Entities
On May 30, 2012, the public comment period began for proposed regulations issued by thirteen New York State agencies (including the Department of Health, the Office of Mental Health, and the Office of Children and Family Services) seeking to limit the executive compensation paid by, and administrative costs of, service providers that receive State funding.
United States
10 Jun 2012
Proposed Regulations Provide Helpful New Examples Of "Program-Related Investments"
As repeatedly promised in its work plan, the IRS recently issued Proposed Regulations containing several new examples of investments that qualify as a "program-related investment" (a "PRI") for purposes of avoiding potential characterization as a "jeopardizing investment," which could result in the imposition of excise taxes on a private foundation and its managers under Section 4944 of the Code.
United States
10 May 2012
Court Restores Social Security Benefits For Thousands; Victims May Recover $1 Billion In Benefits
As many as 140,000 Americans nationwide will get their Social Security or Supplemental Security Income (SSI) benefits restored as a result of an order issued by Judge Sidney H. Stein in a federal court in Manhattan on April 13, 2012.
United States
24 Apr 2012
New Streamlined IRS Online Search Tool Makes It Easier To Find Information About Tax-Exempt Organizations, Including Whether An Organization Has Ever Been Subject To Automatic Revocation Of Its Tax-Exempt Status
The IRS recently unveiled its new streamlined online search tool, Exempt Organizations Select Check ("EO Select Check"), which provides one place where taxpayers can go to find out: (1) whether an organization is eligible to receive tax-deductible contributions; (2) whether the organization has ever been subject to automatic revocation of its tax-exempt status for failing to file a required Form 990, Form 990-EZ or Form 990-N (aka, the "e-Postcard") for three consecutive years; and (3) whether a
United States
23 Mar 2012
New York Attorney General Announces Plan To "Unlock The Full Potential" Of Not-For-Profit Organizations
Attorney General Eric Schneiderman has announced a new reform plan to reduce the regulatory burden on New York not-for-profit organizations while strengthening their governance and accountability.
United States
22 Feb 2012
IRS Extends Filing Deadline For Certain Tax-Exempt Organizations
The IRS has granted an automatic extension for certain tax-exempt organizations to file their annual returns electronically.
United States
2 Jan 2012
Treasury Releases Long-Overdue Report On Supporting Organizations And Donor Advised Funds
Along with making significant changes to the rules for supporting organizations ("SOs") and donor advised funds ("DAFs") in the Pension Protection Act of 2006 (the "PPA"), Congress directed that Treasury conduct a study on the organization and operation of SOs and DAFs.
United States
16 Dec 2011
Recent Changes in Delaware Law Governing Not-for-Profit Corporations
Incorporating under Delaware law can be an attractive option for a not-for-profit organization because Delaware law often grants greater flexibility with respect to the governance and structuring of the organization.
United States
11 Oct 2011
United States
7 Oct 2011
Type II Supporting Organizations Must Have Readily Identifiable Beneficiaries
In a tightly written plain English opinion, the D.C. Circuit Court of Appeals in Polm Family Foundation v. U.S. explained an important requirement of Type II supporting organizations.
United States
16 May 2011
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