Posted by: Rene Schaefer

Manufacturers, distributors, and retailers take note: the Tax Cuts and Jobs Act (TCJA) provides substantial tax incentives for small businesses with average gross receipts of $25 million or less for the three prior years.  These incentives are especially applicable to small businesses with inventories. The three incentives the TCJA allows for these types of companies […]

Posted by: Megan Ryan

In late May, the IRS released great news for private schools operating under Code Sec. 501(c)(3). In recognition of the many ways the Internet is a part of everyday lives, the IRS will now allow private schools to use their websites to satisfy the requirement that they publish nondiscrimination policies in a manner intended to […]

Posted by: Deby MacLeod

When the new revenue recognition standard came out, Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), it specifically excluded contribution revenue and investment returns. It appeared there would be little effect on many not-for-profit organizations. However, ASU 2014-09 resulted in renewed focus on certain revenue streams of NFPs, particularly U.S. Federal […]

Posted by: Christie Streit

Franchisors, it’s not too late to start assessing and evaluating the impact of a new accounting guidance. ASU 2014-09, “Revenue from Contracts with Customers” (ASC 606), provides new guidance for recognizing revenue for contracts with customers. The guidance under ASC 606 is effective for public entities with annual reporting periods beginning after December 15, 2017. […]

Posted by: Julie Eisenhauer

As a family business advisor, I often provide consultations on maintaining family harmony as the family successfully transitions the business from one generation to the next. Various research has found that only 30% of family businesses transition successfully to the 2nd generation, 12% to the 3rd generation and 3% to the 4th generation. Further, 60% […]

Posted by: Karen Dunn

You’ve finally squared away your organization’s 2018 Form 990 (or 990-PF or 990-EZ) when your accountant informs you the organization still owes tax on qualified transportation benefits provided to your employees. What? It’s true. Since this new expense came into effect with the 2017 Tax Cuts and Jobs Act (TCJA), we’ve dedicated several articles in […]

Posted by: Troy Rector

Grace periods are history and, by now, not-for-profit organizations (NFPs) administering federal grants subject to the Uniform Guidance must have procurement policies in place and operating in accordance with them. As mentioned in our previous article, the Uniform Guidance contained procurement standards that resulted in significant changes to how many NFPs procure goods and services […]

The 2019 Washington legislative session has ended, but it was a busy year in terms of tax related bills. The enacted legislation includes business and occupation (“B&O”) tax increases on certain service businesses and financial institutions, changes to the international investment management B&O tax classification, and a move to a graduated real estate excise tax.

Posted by: Karen Dunn

This is updated from an article that was originally published on 8/1/2017. It is time again to prepare to file the Form 990. Calendar year returns for 2018 are due May 15 and may be extended to November 15. Even fiscal year organizations can start thinking about it or they may be filing for 2017 now. […]

As you’ve likely heard, ASU 2016-14, called Presentation of Financial Statements of Not-for-Profit Entities, was issued in August 2016 and is effective for fiscal years beginning after 12/15/17. The standard applies to all organizations, regardless of size. The ASU has changes in five key areas: Net asset classification Disclosures about liquidity and availability of financial […]

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