Blog Archives: 2016

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations – Part 4: Accounting and Disclosures for Underwater Endowment Funds

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial statements of NFPs.  These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

Washington B&O Tax Alert – Annual B&O Tax Apportionment Reconciliation Due October 31

Taxpayers earning revenue from performing services or from licensing intangibles, and doing business both inside and outside of the State of Washington are required to complete an “Annual Reconciliation of Apportionable Income.” The form must be submitted to the Department of Revenue by October 31st of each year; failing to file the reconciliation may result […]

IRS Tax Scams Abound – Fake CP2000 Forms

IRS tax scams abound: the IRS and its Security Summit partners issued an alert on September 22 about the most recent scam, this one involving a fake email with a fraudulent CP2000 attachment.  The Treasury Inspector General for Tax Administration has been notified and the issue is under investigation. The CP2000 notice is a common […]

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations – Part 3: Disclosing Board Designations of Net Assets

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial statements of NFPs.  These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations – Part 2: Net Asset Classification

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial statements of NFPs.  These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

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