This two-part series will provide information about in-kind gifts, including the definition and recognition of such gifts and in the second article, the documentation best practices and impact on tax […]
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During 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-08 Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made to clarify […]
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Recently, Kentucky House Bill 487 passed, which contained significant changes to Kentucky tax laws. For purposes of this communication, we would like to highlight one major change regarding Kentucky Sales Tax […]
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Provisions in the Tax Cuts and Jobs Act (TCJA), passed late in December 2017, eliminated the deductibility of qualified transportation expenses incurred by business employers. After December 31, 2017, amounts […]
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The #MeToo Movement, which is an international movement against sexual harassment and assault, has spread across nearly every major industry like wildfire. People might assume that this problem would be […]
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In addition to the “tone at the top,” an important part of having an effective internal control is segregation of duties. Adequate segregation of duties requires certain key functions to […]
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Nonprofit organizations have various sources of revenue, and one of the trickiest areas of financial reporting for a nonprofit organization is distinguishing an item as a contribution or an exchange […]
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Intermediate sanctions sound fairly scary. In reality, regulations and penalties are equally scary, so the name is appropriate. Intermediate sanction regulations and penalties exist to stop abuses by disqualified persons […]
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A nonprofit entity is required to maintain proper records to ensure the organization complies with tax rules and regulations. If an organization is unable to provide supporting documentation proving qualification […]
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Provisions of the 2017 Tax Cuts and Jobs Act, H.R. 1, are expected to have significant impacts on charitable giving, among other changes that will affect not-for-profit organizations (NFPs) both […]
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