Insights | Wei Wei & Co (4)

4 min read

GASB Implementation Guide No. 2023-1, Implementation Guidance Update-2023

Wei Wei & Co: Oct 30, 2023 12:00:00 PM

On July 10, 2023, the Governmental Accounting Standards Board issued Implementation Guide No. 2023-1, Implementation Guidance Update-2023 (Implementation Guide 2023-1). Implementation Guide 2023-1 contains 10 new questions and one amendment to a...

3 min read

The IRS Weighs in on Nonprofit NIL Collectives

Wei Wei & Co: Oct 25, 2023 3:00:00 PM

The IRS on June 9, 2023, released generic legal advice memorandum AM 2023-004,[1] which addresses whether developing paid name, image and likeness...

2 min read

Cash Benefits for Supporting ESG - New Markets Tax Credit

Wei Wei & Co: Oct 20, 2023 11:00:00 AM

With an increasing focus on environmental, social and governance (ESG) issues, some organizations are seeking ways to fund various ESG initiatives....

3 min read

Entity’s Debt Is Not Modified Upon Conversion to Corporation, IRS Rules

Wei Wei & Co: Oct 17, 2023 4:00:00 PM

In a recent private letter ruling (PLR 202337007), the IRS ruled that a taxpayer’s proposed transaction that would convert a limited liability...

6 min read

Treasury Issues Proposed Regulations Under Section 367(b)

Wei Wei & Co: Oct 12, 2023 10:00:00 AM

The Treasury Department and the IRS on October 5 issued proposed regulations providing guidance under Internal Revenue Code Section 367(b) related to...

3 min read

Best Practices in Subrecipient Risk Assessments and Monitoring for Federal Grant Recipients

Wei Wei & Co: Sep 7, 2023 10:30:00 AM

Subrecipient risk assessments and monitoring are critical aspects of federal grants management. These practices ensure that funds are used in...

3 min read

Data Quality for Nonprofits

Wei Wei & Co: Aug 30, 2023 4:00:00 PM

Data quality is a critical factor for organizations of all sizes, and nonprofits are no exception. Poor data quality can lead to inaccurate business...