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By Carolyn C. Quill, CPA Two major pieces of tax reform legislation, the Patient Protection & Affordable Care Act and the American Taxpayer Relief Act of 2012 (the Acts), went into effect in 2013. As a result of these Acts, S corporations are now a better choice for many active closely held business owners, since S corporations provide business owners with a unique opportunity to lessen their tax burdens not available to other types of entities. Accordingly, now is the right time to revisit your choice of entity as well as reviewing your tax planning opportunities.
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This memorandum provides an overview of the new model for revenue recognition exposed in Proposed Accounting Standards Update (ASU) No. 2011-230, Revenue Recognition (Topic 605): Revenue from Contracts with Customers, Revision of Exposure Draft Issued June 24, 2010.
One of the most innovative provisions of the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (the Uniform Guidance) includes the requirement for Federal Agencies to perform risk evaluations of potential grantees. The specific requirements are included in §200.205 Federal Awarding Agency Review of Risk Posed by Applicants. This document will: (1) provide an overview of the new risk based framework, (2) identify and define the evaluation framework, (3) identify critical requirements for funding opportunity announcements, and (4) identify risk based award provisions available to Federal Agencies.
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