By Ted Vaughan, Patrick Pilch In October, Walgreens announced plans to acquire Rite Aid in a deal that had been widely anticipated. The deal is most certainly going to reshape the retail market by creating a drugstore giant with nearly 13,000 stores in the United States; as well, it foretells of the significant changes occurring…

By Randy Schwartzman, Patricia Brandstetter In recent years, tax-free spinoffs under Sec. 355 involving REITs became popular among corporations with real estate holdings. The essence of REIT spinoffs is that valuable real estate leaves the corporation and moves tax-free into the favorable REIT tax regime. New tax legislation that took effect December 7, 2015, severely curbs this…

By Donna Bernardi Paul, SPHR, SHRM-SCP It’s common knowledge that with limited resources, recruiting for nonprofit roles can be especially challenging. But it’s important that nonprofit executives don’t overlook best practices for effective recruiting, as it’s people who are behind an organization’s mission, and are critical to its success. While the challenge is great, the…

By Mike Sorrells, CPA The Protecting Americans From Tax Hikes Act of 2015 (the Act), which was signed by the president on Dec. 18, 2015, contains many provisions that directly affect tax‑exempt organizations. Many recent tax provisions have been so-called “extenders,” which required passage of legislation annually in order for them to continue to remain in…

By Kurt Miller, CPA Public sector employers, get ready. First you recorded net pension liabilities, now net OPEB liabilities. The Government Accounting Standards Board (GASB) Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, revises current guidance for financial reporting of most government OPEB plans. GASB Statement No. 75, Accounting and…

By Tanya Erbe and John Yoak Many states have implemented incentive programs to offset the costs incurred by manufacturers who integrate sustainability initiatives in order to better the communities in which they work, live and play. The nature of these incentive programs varies by state and is generally tailored to a specific environmental issue. For those manufacturers…

By Jeffrey Saltzberg, J.D. As not-for-profit organizations try to meet the growing needs of members and non-members by selling products and services delivered via the Internet, they may not realize that such products and services are subject to sales and use tax in a number of states. If the organization has nexus in one or more of…