Article Archives: 2018

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,

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“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,

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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.

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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,

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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.

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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.

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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.

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Beginning in 2018, unrelated business taxable income (UBTI) must be computed separately for each unrelated trade or business. Net operating losses (NOL) from one unrelated trade or business may not be used to offset income from another unrelated trade or business.

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Those who were using the Qualified Improvement Property (QIP) classification for bonus depreciation should take note of changes brought by the Tax Cut and Jobs Act (TCJA).

Where We Were…

Qualified Improvement Property (QIP) isn’t entirely new.

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Small to medium nonprofits often struggle to balance the fine line between having sufficient internal controls to protect the organization and having too many internal controls that become burdensome to their small accounting department.

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