It is no secret that demand for New Markets Tax Credit (NMTC) Allocation is incredibly high. Over the life of the NMTC program, only about 28% of the hundreds of applicants each round actually receive an award. This demand has allowed the Community Development Financial Institutions (CDFI) Fund, the branch of the Treasury that administers […]

The IRS and most states have a three year statute of limitations for conducting an audit and issuing refunds. Most taxpayers keep records in case they are selected for an audit. But what is considered to be the appropriate length of time for retaining personal records, and which records are essential to keep? Understanding the […]

The Federal Reserve’s Open Market Committee (FOMC), which guides implementation of U.S. monetary policy, will report on Wednesday whether it will continue to “be patient” with low interest rates or foresees them “beginning to normalize” as early as June.

The personification of monetary policy is Fed Chair Janet Yellen. Until Wednesday’s FOMC release, money markets will gyrate on speculation about: does she, or doesn’t she (raise rates)? Beyond that, volatility will persist as the markets grapple with a new regime.

Synopsis On March 4, the Financial Accounting Standards Board (the “FASB”) voted to release its proposal for the overhaul of how not-for-profit organizations, including charities, educational institutions, museums and others convey their financial information to donors and regulators. The FASB anticipates issuing the proposed accounting standards update by mid-April, with a public comment period expected […]

With more and more taxpayers filing their personal income tax returns electronically (commonly referred to as e-filing), the problem of tax return related identity theft has been rapidly growing. In early February a number of states temporarily suspended their receipt of e-filed personal income tax returns submitted by TurboTax due to widespread reports of identity […]

It seems that, just yesterday, businesses were captivated by the bold promise of “Big Data.” As profit-making organizations, they valued the ability to capture massive loads of information and use it to make business decisions. Businesses also devised new ways to retrieve data, turning not only to traditional sources but also to nontraditional ones such […]