Posted By Casey Hagy, CPA Last month the IRS extended the traditional tax filing deadline for certain taxpayers from April 15, 2020, to July 15, 2020. On April 9, 2020, the IRS issued Notice 2020-23 which extends this relief to generally all taxpayers (individuals and businesses) that have a filing or payment deadline falling on or after April 1, 2020, … Continued
Posted By Casey A. Hagy, CPA On March 19, 2020, the U.S. Office of Management and Budget (OMB) released memorandum M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations. The memo provides for a 6-month single audit extension beyond the normal due date. As a reminder, the … Continued
In the first two blogs in this series, we explained guidance found in this new ASU regarding contributions vs exchange transactions, and conditional vs unconditional contributions
Our first blog in this series, “Accounting for Grants and Contributions (ASU 2018-08) – Part I”, explained the guidance related to determining a contribution from an exchange transaction.
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.
“I welcome change, as long as nothing is altered or different.”
The IRS states that if an organization normally has gross receipts of $50,000 or less, it may submit the Form 990-N.
Contributions are a large source of revenue for many nonprofits. When your nonprofit organization receives a charitable contribution, we know you want to thank the donor as soon as possible and send them an acknowledgment letter. Before you mail out that letter, consider the following facts about gifts from donor-advised funds.
With the end of the year approaching, it is important to be aware of reporting requirements your organization may be subject to under the IRS.
