December 18, 2018
In August of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14 Not-for-Profit Entities (Topic 958). This is applicable to most non-profit organizations. This standard makes some significant changes to current practice and is effective for fiscal years beginning after December 15, 2017.
How does this affect my organization?
Well, in short, it means that this standard will need to be applied for your calendar 2018 financial statements. There are several provisions in the standard, but here are the main things you need to know:
In a nutshell, you probably won’t need to change a lot of your daily processes, but the way certain information is reported will need to be updated. Here’s a link to the Reimer, McGuinness & Associates presentation discussing this new standard in more detail. Also, here is an implementation guide from the AICPA. If you would like further particulars on the new standard, please contact Max Dunlap firstname.lastname@example.org Bree Brown email@example.com or Gaurav Masand firstname.lastname@example.org, and we will be happy to discuss it with you!
It’s graduation season, and for many parents that means it’s almost time to start shelling out for college tuition. For those well-prepared parents with established 529 plans in place, the time has come to tap into that money pool. Of course, when it comes to tax-advantaged savings, trust that the IRS is keeping close watch, so it’s important to avoid making any rookie mistakes. It’s also important to keep saving as you move forward.
Having a remote workforce can be challenging, especially if you are trying to build a positive, collaborative work environment. So, how do you create a sense of comradery when you have staff in remote locations? These tips can help:
Business owners understand the value of developing relationships, whether it is with a potential client or fellow business partner. Deepening your existing relationships and building new ones through activities such as a meal or an entertainment event can be key to growth in your business. Even though these expenses are ordinary and necessary to operate your business, the IRS is enforcing limitations on the related tax benefit of these expenses per the enactment of the Tax Cuts and Jobs Act (TCJA).