In The News

NFP E-News Update  May 9, 2013
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2012-05, Statement of Cash Flows (Topic 230): Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows. Read More

NFP E-News Update  May 2, 2013
In a letter from Lois Lerner, Director of Exempt Organizations (EO), the IRS spelled out its workplan for FY 2013.This article identifies some of the areas that will be the focus of the EO (the IRS division responsible for oversight of nonprofit organizations) in the coming year. Read More

NFP E-News Update  April 25, 2013
The Pension Protection Act of 2006 (PPA) required small organizations (those normally with gross receipts of $50,000 or less) to begin filing Form 990-N (e-Postcard) with the IRS. In addition to the filing, the PPA instituted automatic revocation of tax exempt status for organizations that do not file a tax return or notice for a period of three consecutive years. Read More