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.
Most government and nonprofit finance officers, executives, and board members are very familiar with the annual accounting or audit services they receive from their CPA firm (practitioner).
There are more than 25 types of tax-exempt organizations classified under 501(c) of the Internal Revenue Code.
The answer is…YES!
There has-been increased attention given to Other Post-Employment Benefits (OPEB) reporting by standard-setters, elected officials, and government accountants over the past few years.
“I welcome change, as long as nothing is altered or different.”
Every weekend I count on throwing away, recycling, or donating at least 10 items in my house.
If you ask management and board members of nonprofit organizations to identify the issues keeping them up at night, an IRS audit/examination probably isn’t on their top ten list.
In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Interest: Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs as part of their initiative to reduce complexity in the accounting standards.