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News
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Tax Alert: Exempt Organization Mandatory E-filing Reminder
- January 3, 2020
- Posted by: Hood & Strong
- Category: Tax Alert
No CommentsThe Taxpayer First Act, enacted July 1, 2019, changed requirements for tax-exempt organizations to mandatory electronic file returns in the Form 990 series and Form 8872. For 990 and 990-PF filers, the requirement will apply to tax years beginning after July 1, 2019. In other words, returns with tax years ending July 31, 2020 must
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Tax Alert: Private Foundation Excise Tax Rate Changed to 1.39%
- January 3, 2020
- Posted by: Hood & Strong
- Category: Tax Alert
The Further Consolidated Appropriations Act of 2020, signed into law on December 20, 2019 as part of a spending bill, modified the private foundation excise tax rate to a flat 1.39 percent rate instead of the 2 percent or 1 percent rate dependent on distributions for charitable purposes. The new tax rate is effective for
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Tax Alert: Nonprofits Are No Longer Subject to Tax on Value of Transportation and Parking Benefits
- January 3, 2020
- Posted by: Hood & Strong
- Category: Tax Alert
Tax Alert Update: Nonprofits Are No Longer Subject to Tax on Value of Transportation and Parking Benefits Late on December 20, 2019, President Trump signed the year-end spending bill that included the repeal of tax on the value of transportation and parking benefits also known as the “church parking tax.” The provision will apply retroactively.
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Defining “materiality”
- December 10, 2019
- Posted by: Hood & Strong
- Category: AICPA
The concept of materiality is used to determine what’s important enough to be included in — and what can be omitted from — a financial statement. In late October, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) voted to finalize a revised definition of materiality in its professional standards.
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Revising lease terms to avoid the new lease accounting rules
- December 10, 2019
- Posted by: Hood & Strong
- Category: FASB
Debt-strapped private companies have been exploring ways to avoid having to use the lease accounting rules for new contracts. Why? Some fear that implementing the guidance would cause them to violate loan covenant agreements with lenders that limit the amount of liabilities they’re allowed to carry. But there are ways to safeguard against this potential
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Does naming the lead auditor improve audit quality?
- December 10, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
A recent study raises doubt that Rule 3211, Auditor Reporting of Certain Audit Participants, has produced the intended benefits. The Public Company Accounting Oversight Board (PCAOB) issued the rule at the end of 2015. It requires accounting firms to identify the name of the engagement partner in an audit of a public company. Investors had
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IRS updates rules for using per diem rates
- December 10, 2019
- Posted by: Hood & Strong
- Category: IRS, TCJA
The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA). In a nutshell, the per diem
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IRS updates rules for mileage-related deductions
- December 10, 2019
- Posted by: Hood & Strong
- Category: IRS, TCJA
The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS Revenue Procedure 2019-46 also lays out rules for establishing the amount of an employee’s transportation expenses that are reimbursed using the optional standard mileage rates.
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News for Nonprofits – Winter 2019
- November 8, 2019
- Posted by: Hood & Strong
- Category: Nonprofits
Uneven nonprofit concentrations leave communities vulnerable Nonprofits often step in when governments can’t or won’t provide necessary services. But, according to an article in Governing, a magazine about state and local government, some locations have much stronger nonprofit support than others. For example, the top 10 metro areas have more than twice the number of nonprofits
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Returnships might fill your talent gap
- November 7, 2019
- Posted by: Hood & Strong
- Category: Nonprofits
In today’s tight job market, employers must innovate when it comes to filling their positions. A growing number of for-profit businesses — including such big names as Walmart, BP, Goldman Sachs and JP Morgan Chase & Co. — have found success with returnship programs. These arrangements also could provide welcome and valuable relief for nonprofits