The implementation deadline for the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02, Leases, is quickly approaching. It is effective for non-public entities for fiscal years beginning after December 15, 2021 on a modified...
Blog Category
Uncategorized
Spring cleaning: Review your nonprofit’s programs — and possibly replace some
Has your not-for-profit’s program lineup remained unchanged for at least a couple of years? If so, consider using the tradition of spring cleaning to review your offerings. Some of your programs might be due for replacement. Clear out the closets Many nonprofits keep...
Making The Most of Your Nonprofit’s Internal Audit Function
The key role of a not-for-profit’s internal auditors was once limited largely to testing financial and compliance controls and reporting their findings to the organization’s leadership. But today, with their cross-departmental perspective, internal audit staff...
2018 – 02/09
There’s never a shortage of misconceptions about taxes and tax refunds. With the 2018 filing season in full swing, the IRS offers basic tips to help clear up some common misbeliefs. For example: Many people believe that all refunds will be delayed, but 9 out of 10...
WHAT NONPROFITS NEED TO KNOW ABOUT THE NEW TAX LAW
The number of taxpayers who itemize deductions on their federal tax return — and, thus, are eligible to deduct charitable contributions — is estimated by the Tax Policy Center to drop from 37% in 2017 to 16% in 2018. That’s because the recently...
Pay Attention When You Get Paid
Over the past couple of months, it has been hard to avoid the noise coinciding with what is formally known as the Tax Cuts & Jobs Act. Now that the bill has passed, and much of that noise has become a reality, the consequences of the reform are impossible to...
Business New Year’s Resolutions
Every year, as we turn the calendar from one from one year to the next, many of us contemplate self-imposed resolutions as a means of improvement. We interpret the dawn of a new year as if it were a clean slate; as we compartmentalize years into chapters, January...
Tax Cuts & Jobs Act Is Good For Business
As I write this article, Congress is about to vote on major corporate tax reform, namely the “Tax Cuts and Jobs Act”. Supporters of the bill believe that corporate tax reform will more readily allow US corporations to keep taxable earnings in the US and that those...
Time is running out to make your state income tax payments and still be provided a deduction on your Federal income tax return.
Unless you have been hiding under a rock, you are aware that both the House and Senate have passed legislation to update the tax code. Both plans are calling for a repeal of the deduction for state and local income tax expense. Although we are not yet sure of the...
How Can Life or Career Changes Affect Your Tax Return?
Have you recently changed jobs? Started your own business? Maybe welcomed a child to your family? Well, all of these situations could have tax consequences or benefits, requiring some financial planning. When changing jobs, there are several things to consider. Did...
Marijuana Sales and the Monster Hiding in the Tax Code –How To Minimize the Damage of Section 280E
Marijuana is currently legal in some form in 30 States, Washington DC, Guam and Puerto Rico. It is quickly becoming a major economic driver in many states as reflected in Colorado. Through September, the Cannabis industry in Colorado alone has surpassed the...