Crowe "Schedule K-3 Reporting for Exempt Organizations"

 

Top Crowe insights for the week

 

Sept. 18, 2022

 
 
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This Hispanic Heritage Month, we at Crowe recognize and honor the histories, diversity, and achievements of Hispanic and Latino people, as well as their unique contributions to our nation’s culture and economy. Under this year’s theme, “Unidos: Inclusivity for a Stronger Nation,” the Crowe Latino business resource group (LBRG) invites our colleagues, clients, and communities to celebrate Hispanic Heritage Month by participating and supporting Hispanic and Latino businesses, festivals, fairs, art exhibits, and related events. 
 
 
 
 
EOs might have requirements to complete Schedule K-3 

Schedule K-3 is a new reporting requirement for tax year 2021 related to items of international tax relevance. However, this may not apply to partners classified as exempt organizations (EOs). (Moderate read) 

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Why are banks struggling to hire and retain talent? 

Per the 2022 “Crowe Bank Compensation and Benefits Survey,” banks are experiencing a dramatic increase in turnover at the nonofficer level, even with increased compensation and benefits packages. (Moderate read) 

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Learn the income tax reporting differences between IFRS and GAAP 

This article, originally published in Bloomberg Tax, explains the differences between International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP). (Long read) 

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Cannabis industry sales tax utility exemptions 

Initially published in Cannabis Industry Journal, this article covers how cannabis businesses that pay sales tax on utilities might get savings if their state offers sales tax utility exemptions. (Moderate read) 

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Qualified organizations only. Independence and regulatory restrictions may apply. Some firm services may not be available to all clients. Given the continued evolution and inconsistency of various state and federal cannabis-related laws, any company should seek competent legal advice relating to its involvement in the cannabis industry, including when considering a potential public offering as a cannabis-related company. 
 
 
 
 
Events
 
 

Webinar 
Sept. 28 | Spotlight on the latest accounting trends and topics 

Get updates from the Financial Accounting Standards Board and the Securities and Exchange Commission. Earn 1.5 hours of CPE credits.

 
 

Register now

 
 

Webinar 
Sept. 29 | How to navigate third-party regulations and risks 

Understand the shifts in risk and regulation mitigation across the financial services industry. Earn 1.0 hour of CPE credit.

 
 

Register now

 
 

Webinar 
Oct. 6 | October 2022 financial services audit committee overview 

Learn the responsibilities related to financial reporting developments and other key updates. Earn 1.5 hours of CPE credits.

 
 

Register now