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Starting in 2018, a new accounting standard goes into effect for charities, public universities and colleges, and other types of cultural, religious and trade-related not-for-profits. Accounting Standards Update (ASU) No. 2016-14, Not-for Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, makes the first significant changes to the accounting rules for such organizations’

In April 2018, the Financial Accounting Standards Board (FASB) released for public comment a proposed amendment intended to clarify the scope of its standard for collaborative arrangements. If finalized, the proposed amendment to U.S. Generally Accepted Accounting Principles (GAAP) will help partners in a collaborative arrangement determine when a transaction should be treated as revenue.

The Securities and Exchange Commission (SEC) recently proposed changes to its auditor independence rules. The proposal targets situations in which auditors are borrowing funds or issuing debt to accumulate working capital. Here’s why auditor independence is important and how the SEC plans to alleviate some of the recordkeeping challenges associated with the existing rules. Independence

Do you qualify for the new family leave credit? The new tax law creates a credit for eligible employers in 2018 and 2019 based on paid leave for up to 12 weeks, granted under the federal Family and Medical Leave Act (FMLA). Employers aren’t required to pay employees for FMLA leave, but — for 2018

As the Tax Cuts and Jobs Act (TCJA) made its way through Congress, many nonprofits understandably focused on the provisions likely to affect charitable giving. But the law also contains some significant requirements affecting unrelated business income (UBI). If you engage in “unrelated business” — and even if you don’t — you could find that

Although 2018 isn’t a presidential election year, election season is shaping up to be extremely active. On the federal level, races are underway for all seats in the U.S. House of Representatives and about one-third of the seats in the U.S. Senate. And that’s not to mention the hundreds of races at state and local

Passage of the Tax Cuts and Jobs Act (TCJA) last year spread dismay in the nonprofit community. With several provisions in the law expected to depress charitable giving, nonprofits should mobilize to minimize the negative impact on their bottom lines. What are the donation disincentives? The TCJA makes several changes that could reduce the tax

SUSAN MALONE ELECTED MANAGING PARTNER OF HOOD & STRONG First woman and eighth managing partner in firm’s 101-year history San Francisco, May 31, 2018: Hood & Strong LLP has announced that Susan N. Malone has been elected managing partner, effective June 1, 2018. She succeeds Robert J. Raffo, who has served in the role for

On March 21, the Financial Accounting Standards Board (FASB) abandoned plans to 1) amend the definition of “materiality” and 2) give businesses more discretion when determining what to include in their financial statement footnotes. These projects have officially been removed from the FASB’s active agenda ― for now. Defining “materiality” After many years of research

Federal income taxes have been given a lot of attention this year, thanks to the Tax Cuts and Jobs Act (TCJA). Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP) are required to follow Accounting Standards Codification (ASC) Topic 740, Income Taxes. The guidance is complicated and requires companies to report the