Articles Tagged - NFP

Tax Bill Impact on Transportation Benefits

By Wiss, Posted in Not For Profit

Its intentions are good, but the 2017 Tax Cuts and Jobs Act (TCJA) can have a negative effect on non-profit organizations in at least a couple ways. We’ll take a look at how one of the new provisions of the TCJA complicates the provision of what might be a much-needed benefit for some of your employees. Disallowed Benefits The IRS explains the tax code change, known as section 512(a)(7), under the heading “Increase in unrelated business taxable income by disallowed fringe.” This new Inte... read more.

Do You Have an Accounting Policies & Procedures Manual for Your Nonprofit?

By Wiss, Posted in Not For Profit

By Diana Miller Written documentation of your organization’s policies and procedures regarding accounting practices always makes sense, regardless of your line of business. But it’s particularly critical when yours is a not-for-profit organization. While the production of such a document can be highly detailed and time-consuming, it’s worth it. And it’s a job you’ll likely only do once -- or perhaps just tweak periodically as laws or conditions change. Let’s take a bri... read more.

New Guidance for Nonprofits: Be Aware of FASB's Changes in Nonprofit Reporting

By Wiss, Posted in Not For Profit

By Diana Miller Following several years of examination and modification, the Financial Accounting Standards Board (FASB) released its long-awaited update this month on nonprofit financial reporting. The revision is expected to transform the way nonprofit organizations categorize net assets and construct financial statements. To prepare, nonprofit organizations should familiarize themselves with the following developments: Phase 1 (effective for fiscal years beginning after December 15, 2017) - Improvemen... read more.

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