Article Archives: 2018

In 2017, Congress passed the Tax Cuts and Jobs Act, which promised a tax cut for most taxpayers. Based upon early calculations, the IRS issued tax tables which taxpayers then used to fill out Forms W-4 at the beginning of 2018. It seems now, these tax tables were overly optimistic about the effect of the tax […]

Charitable contribution substantiation is a team sport — everyone involved is critical to ensuring the donor’s tax deduction is valid. Although this is not a new area of tax law, it is an arena of continued tax litigation, with the IRS winning most cases on technicalities. The government is generally successful in the courtroom because […]

Posted by: Kelly Rancourt

Most not-for profit organizations understand that, when receiving federal assistance, they are required to complete a Schedule of Expenditures of Federal Awards (SEFA) to determine whether a single audit is required and, if so, include the SEFA in the single audit reporting. But what is the SEFA and what is the basis for determining which […]

“When it comes to privacy and accountability, people always demand the former for themselves and the latter for everyone else.” – David Brin Overview of Revenue Procedure 2018-38 Recently, the Treasury issued Revenue Procedure 2018-38, correcting what some considered an overreaching and controversial regulation requiring organizations exempt under code sections other than 501(c)(3) or 527 […]

Congratulations! Your grant application for a federal award was successful, and you have received your signed Notice of Award (NOA). Now the real work begins as you start to navigate the grant process through the initial steps all the way to a successful and fully functioning program. Although it can be tempting to jump right […]

Posted by: Rene Schaefer

The Tax Cuts and Jobs Act (TCJA) has significantly changed the mortgage interest rules. These changes are expected to have a tax cost of about $26 billion to individuals for 2018. Though the mortgage interest deduction is not gone, there is confusion about the new rules and who it applies to. If you can still […]

Posted by: Hillary Parker

Over the past several years, you may have read articles about the revised revenue recognition standards. Now, the time for implementation is nearly here. As a quick recap, the new revenue recognition standard (ASU 2014-09, also known as ASC 606) provides new requirements for recognition of revenue arising from contracts with customers, except in cases […]

Posted by: Deby MacLeod

When the new revenue recognition standard came out, Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), it specifically excluded contribution revenue and investment returns. Therefore, it appeared that unless the organization had significant earned revenue, the standard would have little effect on many not-for-profit organizations. However, a consequence of ASU […]

Posted by: Karen Dunn

Now is a good time to update employee expense reimbursement plans, given changes brought about by the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018. The new law disallows tax deductions for some commonly reimbursed business expenses. Why is this important if your organization does not pay taxes? It is important because now […]

Posted by: Bob Heller

In a momentous decision that is likely to have far-reaching effects on retail commerce, the Supreme Court ruled 5-4 that states may require remote sellers (those without any physical presence) to collect and remit sales tax on sales to in-state residents and businesses. Although the Court’s choice to overturn 51 years of precedent was not […]

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