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One of the key lessons I have learned along my leadership journey is that unvalidated assumptions are kryptonite to effective leadership. Although I have been in a leadership position for many years, the importance of asking questions of those around me has been magnified by the many outside factors influencing businesses these days.
The ongoing COVID crisis, remote offices, international interdependency and competition, more diverse workforces, changing regulations, disruption frequency, and the speed and access to data, along with the tools to analyze said data and perform predictive analytics, have all led to a rapidly evolving business environment.
Leaders aren’t required to have all the answers to these changes,
This is the first article in an ongoing series that will explore the role of leadership from a diverse array of perspectives. Each article will be written by a Clark Nuber leader who will share their ideas on the unique challenges and opportunities they have experienced, and the lessons they’ve learned along the way.
I have been thinking about leadership a lot lately. Challenging times will do that. As a member of a family, a community, an organization, and a society, we are all looking for guidance and some assurance that everything is going to be okay,
On September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.
Contributed nonfinancial assets, also known as gifts-in-kind (GIK), can include fixed assets, such as land, buildings, and equipment; use of fixed assets or utilities; materials and supplies, such as food, clothing, and pharmaceuticals; and intangible assets and/or recognized contributed services.
The new ASU was issued to address concerns some stakeholders had about the lack of transparency in the financial statements regarding the amount of GIK received and used in an entity’s programs and other activities.
The King County Treasurer’s Office has informed taxpayers that, despite extending the April 30th payment deadline for first-half 2020 property tax bills, it will not extend the October 31st payment deadline for second-half 2020 property tax bills. Instead, King County is offering payment plans to all delinquent taxpayers for the full 2020 tax year. If a payment plan is established before the end of November 2020, the taxpayer will avoid the 8% penalty that would otherwise be assessed on 2020 taxes unpaid as of December 1st.
How the Payment Plan Works
Payment plans for the 2020 tax year can extend payment for up to 18 months;
COVID-19 has upended our daily lives, and many companies are searching for ways to aid their employees through the ongoing challenges of the moment. Thankfully, there is a little-known tax provision (IRC Section 139) which provides for disaster relief payments that can help employers support their workers.
In a federally declared disaster, IRC Section 139 allows employers to provide employees with disaster assistance on a tax-free basis to the employee, and the employer receives a tax deduction as well.
About the Provision
On March 13, 2020, President Trump issued an emergency declaration under the Robert T.
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