Hot Topics

1) Government & Non-Profits

IRS Guidance on Bond Reissuance and Sale/Lease of Bond Financed Property

There are many events which could trigger a bond "reissuance" for federal tax purposes, including, but not limited to a significant change in; yield, timing of debt payments, security or enhancement, change in obligor, the nature of the debt instrument (recourse to non-recourse) as well as certain remedial actions related to the bonds.


Additionally, there could be instances where an entity enters into a sale or lease of an asset as part of its business operations.  In these cases, it is critical to understand how that asset is financed to assure you don't inadvertently run afoul of the TEB Rules related to Bond Financed Assets.  This is one "hot button" area where strong and proactive post issuance compliance (PIC) monitoring programs come in handy and can help you avoid "a taxing dilemma".  Further IRS information is available here.

How did YOUR State rank for 2012? “The Best and Worst Run States in the USA” – by 24/7 Wall Street

As we continue to closely monitor the economic recovery, governments, businesses and individuals alike are making budgetary and personnel decisions for 2014 and beyond.  There are many factors which impact how well (or not) a State is positioned to capture opportunities in this fluid and somewhat unpredictable environment. 


Whether you are a business executive or John & Jane Q Citizen, the following article provides some interesting comparative insights into how each state compares amongst its peers.  Click here to read more.

New PCI-DSS Rules Make Security Part of Doing Business

As consumers and companies globally increase the use of credit cards and corporate payment cards to complete transactions - either in person or on-line - the risk of identity theft, fraud and loss of protected personal data covered under both PCI-DSS and CFPB regulations escalates. In V3 of the PCI Security Standards, the focus on security has ramped up for those who accept "card payments".  Want more technical information from the PCI Security Standards Council?  Click here to read the highlights of changes.  To access/download the full V3 protocol, click here.

Proposed Tax-Exempt Status Change for Hospitals, Universities and Non-Profits could have Far-Reaching Impacts

Loss of Tax Exempt Status could result in the loss of up to 300,000 jobs.  Sacramento Bee, October 18, 2013.  Click here to read more.

Effects of Sequestration on Certain 8038 Filers

Sequestration is reducing tax credits for certain 8038-CP filers.  If your entity issued BABs, CREBs, QSCBs, QECBs or QZABs, your interest expense costs on these bonds could be impacted.  Click here to read more from the IRS. 

2) Small Business & Individuals

IRS Stepping up Identity Theft and Refund Fraud Efforts as Filing for 2013 Taxes Begins... 2/4/14

Millions of taxpayers are beginning the already stressful task of filing their 2013 Income Tax returns this week.  In the wake of the recent massive retailer debit and credit card breaches known as "Holiday Hack Attack '13", there is an increased awareness and risk to our personal financial information possibly being compromised.  As part of its ongoing efforts, the IRS has released information (including a YouTube video) on how it will step up efforts to prevent and mitigate Identity Theft and Refund Fraud.  Check here to read their announcement or watch the video.  

Poll today: Consumers unchanged regarding protecting their financial information in wake of "Hack Attack '13" 1/27/14

In a new Associated Press GfK Poll released today, less than 40% of consumers are taking additional steps to safeguard their credit and financial information in the wake of the Target, Neiman Marcus, Michaels, Starbucks Mobile and other data breaches which appeared to happen simultaneously during the 2013 Christmas Shopping Season.  To read more on the poll, click here.

Answers to Questions in the Wake of the Massive Target Card Data Breach 12/21/13

It's been a long couple of days since the news broke that Target Stores, and their 40 million customers who shopped there anytime over the last three weeks, were victims of a huge debit and credit card data breach.  That is one in seven people at risk of having their card information compromised. 


While this news is startling and disheartening, there are simple, common sense steps you can take to educate and protect yourself.  You can read my blog on Credit Card Safety 101 here as well as the following article, Q&A on the Target Hack, which was just posted online today to get some helpful answers. 

Ghoulish News: IRS Issues Warning about Pervasive Phone Scam

Today the IRS issued a warning about a sophisticated phone scam sweeping the nation alleging certain taxpayers owe money and demanding immediate payment.  Click here to read more.

How the Government Shutdown Impacts the October 15th Tax Deadline

With many Internal Revenue Service agents on furlough, how will that impact your ability to timely file your 2013 taxes?  Click here for helpful IRS information.


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