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News
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Proper preparation can cut your audit costs
- July 10, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
No CommentsOutside financial audits may seem like an extravagance to nonprofits working to contain costs and focus on their mission. But undergoing regular audits allows organizations to identify risks early and act quickly to prevent problems. Independent audits also provide valuable reassurance to donors and other stakeholders that your ship is on course. Fortunately, you can
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News for Nonprofits
- July 10, 2019
- Posted by: Hood & Strong
- Category: Nonprofits
Transparency drives higher contributions Transparency can pay off for nonprofits — literally. A new study published by the Journal of Accounting, Auditing & Finance suggests that the public sharing of information results in increased contributions. The researchers examined more than 6,300 nonprofits, comparing those that have achieved recognition for their transparency (specifically, recipients of a
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IRS explains new UBTI rules: Clearing up the “silo rule” confusion
- July 10, 2019
- Posted by: Hood & Strong
- Category: IRS
Several provisions of the Tax Cuts and Jobs Act (TCJA) have significant implications for nonprofits, especially those with unrelated business taxable income (UBTI). These organizations must now calculate their UBTI separately for each unrelated business. Not surprisingly, this new “silo rule” has led to some head-scratching. The IRS has issued interim guidance to eliminate the
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Is your religious congregation meeting its financial responsibilities?
- July 10, 2019
- Posted by: Hood & Strong
- Category: IRS
Churches, synagogues, mosques and other religious congregations are subject to many of the same financial requirements as other nonprofit organizations are. And other requirements and responsibilities are unique to these congregations. Here’s an overview of areas you should be mindful of. Stay alert to employee-related rules Your religious congregation must comply with IRS rules and
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Congress acts to reform the IRS, enhance taxpayer protections
- June 27, 2019
- Posted by: Hood & Strong
- Category: IRS
The U.S. Senate has passed, and President Trump is expected to sign into law, a broad package of reforms aimed at the IRS. Among other things, the Taxpayer First Act contains several new protections for taxpayers, along with provisions intended to improve the IRS’s customer service. Stronger safeguards against identity theft Several of the bill’s
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Global financial reporting: Focusing on comparability over convergence
- June 27, 2019
- Posted by: Hood & Strong
- Category: FASB
The global financial reporting project is alive and well, according to Russell Golden, Chairman of the Financial Accounting Standards Board (FASB). Despite rumors that the FASB and the International Accounting Standards Board (IASB) are at odds, Russell sets the record straight: The boards are expected to continue progress toward improved, aligned financial reporting solutions. Collaborative
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Public companies: Are you ready for the new inline XBRL requirements?
- June 27, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
The Securities and Exchange Commission (SEC) adopted a rule in June 2018 to require public companies to embed interactive data tags directly into their financial statements using a process called the inline eXtensible Business Reporting Language (XBRL). Here are some benefits on inline XBRL and impending implementation deadlines for public companies of various sizes. Automating
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Providing more detailed information about expenses
- June 27, 2019
- Posted by: Hood & Strong
- Category: FASB
Ideally, investors should be able to get sufficient information about a company’s future cash flows by looking at the income statement. But they currently don’t because expense information is too densely reported, according to recent discussions by the Financial Accounting Standards Board (FASB). Here’s an update on an ongoing FASB project that aims to make
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Hood & Strong’s Jenna Chupurdy Honored as Emerging Leader
- June 10, 2019
- Posted by: Hood & Strong
- Category: Firm News
Hood & Strong LLP, a leading Bay Area accounting and business consulting firm, is proud to announce that Jenna Chupurdy was honored last night as an Emerging Leader at the YWCA Silicon Valley’s Tribute to Women Awards. This annual event honors up to 50 women executive leaders and emerging leaders from Silicon Valley’s tech and
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IRS wheels out additional guidance on company cars
- May 30, 2019
- Posted by: Hood & Strong
- Category: IRS
The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and aren’t eligible for bonus first-year depreciation, as well as for leased automobiles. The role