Posted By Christina Bell, CPA The IRS has an enormous backlog of unprocessed mail, which includes paper returns and extensions, due to the closing of its processing centers for several weeks during the pandemic and then re-opening them with limited staff. This backlog of unprocessed mail has caused many Organizations to receive erroneous computer generated tax notices from the IRS … Continued
Posted by Jonathan D. Moll, CPA When the IRS signed the Tax Cuts and Jobs Act (TCJA) into law in December 2017, there were certain provisions directly affecting nonprofit organizations. The most widely debated topic of that act affecting the Nonprofit industry was, without doubt, the assessment of unrelated business income tax (UBIT) on certain transportation fringe benefits that nonprofits … Continued
A new year means lots of new changes.
In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements.
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.
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).
The answer is…YES!
“I welcome change, as long as nothing is altered or different.”