On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
Yearly Archives: 2018
UPDATE – IRS Issues Guidance on Employee Parking and Unrelated Business Taxable Income for Nonprofit Organizations
When the Tax Cuts and Jobs Act (TCJA) was signed into law in December 2017, it amended Section 274 and Section 512 of the Internal Revenue Code (Code) and opened the door for the potential of nonprofit organizations generating unrelated business taxable income (UBTI) due to the parking they provide to their employees.
By Michael E. Mast, CPA, CFE The 2018 Report to the Nations shows there has been an increase in the per-incident losses among nonprofits over the past two years. According to the 2016, report religious, charitable, and social service organizations were experiencing a median fraud loss of $82,000 based on the ACFE’s 2016 report, and that number rose to $90,000 … Continued
The City of Atlanta has gotten a great deal of unwanted publicity since it fell victim to a ransomware attack in March 2018.
In early May 2018, the Internal Revenue Service (IRS) introduced a new tool called the Tax Exempt Organization Search.
Many people think that nonprofit organizations (NPOs) are immune to changes in regulations affecting income tax.