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Business Income

Federal Business Interest Expense Limitation and State tax treatment

by Lora Ament
For purposes of the limitation on the deduction of business interest expense, the definition of interest is broadened and includes debt issuance costs, loan commitment fees and certain amounts associated with the time value of money. Read more

Contributions vs Exchange Transaction for Not-for-profits

Contributions
by Richard Fischer
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. Read more