Not-For-Profit Financial Reporting Changes

Not-For-Profit Financial Reporting Changes

Financial reporting for not‐for‐profit organizations has not changed significantly in many years. Financial statements will change for all not‐for‐profit organizations and will include some changes in presentation and enhanced disclosures. The new standard is...

read more

2017 Tax Cuts Act: What it Means

The Tax Cuts and Jobs Act was signed by President Trump on December 22, 2017. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Click on the link(s) below to see how this legislation impacts specific entity types. 2017 Tax Act...

read more
Discounts on Future Purchases Make for Tricky Deductions

Discounts on Future Purchases Make for Tricky Deductions

Retail businesses will sometimes run customer loyalty programs that offer discounts on future gasoline purchases after qualifying purchases are made which customers may end up not using before the expiration date. The IRS says that you cannot deduct these discounts on your business income tax return until they are actually applied to purchases. Despite the IRS stance on this issue a taxpayer was able to win a case against it in the Third Circuit Court recently which reiterated the fact that this is a complicated issue.

read more
How To Track Mileage via Mobile Apps

How To Track Mileage via Mobile Apps

As you may know, many people are opting to use a mileage app on their smart phone in lieu of the paper mileage logs. We feel that most of our clients have already taken this route. Therefore, we will be phasing out providing these mileage logs within the next couple...

read more
Eliminate Anxiety With New Time and Effort Rules

Eliminate Anxiety With New Time and Effort Rules

New single Audit guidelines due out later this year have been causing anxiety for many nonprofits. These new rules and regulations, called the Uniform Guidance (UG), will be in effect for entities with new contracts or revised contracts signed after 12/26/14. New...

read more
Executive Director Evaluation

Executive Director Evaluation

As many nonprofits year end approaches, Boards of Directors should have procedures in place to carry out a year-end evaluation of their Executive Director. Board members are ultimately responsible for the management of the affairs of the organization which includes...

read more