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.
Many people think that nonprofit organizations (NPOs) are immune to changes in regulations affecting income tax.
Compliance by operating within an organization’s exempt purpose is paramount to managing, governing, and servicing nonprofit organizations.
Today (04/22/15) FASB issued a proposed Accounting Standards Update intended to improve existing standards for financial statement presentation for Nonprofit Organizations. A summary of the changes is provided, as well as, the full proposed
The need for a nonprofit organization to change its name happens quite frequently. The reasons vary: mergers with other organizations, additions of or changes to major programs, to distinguish from prior affiliated organizations or groups, or to improve marketability and fundraising.
It is not uncommon for schools that have a mission or philosophy that is rich in helping those in need and supporting the local community to have a benevolence fund established for the benefit of providing tuition assistance to their families in need.
Many larger nonprofit organizations or sponsoring organizations of affiliated entities provide health insurance to its employees or affiliated entity employees under self-insured health plans.
Q. 1 – True or False: It is a best practice for a nonprofit organization to change auditors every 3 years. Q. 2 – True or False: A thorough understanding of a nonprofit organization’s accounting practices […]
By Jonathan Moll, CPA – Keeping your finger on the pulse of emerging issues is critical in managing IRS compliance with exempt organization regulations.
Posted by Jonathan D. Moll, CPA I was somewhat relieved that April 1st fell on a Sunday this year. This meant that the volume of intra-office April Fool’s pranks was greatly reduced. I did not have to exercise extreme caution when opening my desk drawer. Nor did I have to verify the authenticity of emails from the office manager claiming … Continued