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The new corporate tax rate is a flat 21% effective 1/1/2018 A corporate blended tax rate will be effective for fiscal year corporations The TCJA permanently repealed the corporate alternative minimum tax for tax years effective beginning after 12/31/17 Any remaining AMT credit is allowed to offset regular tax liability Meals and entertainment updates: All

How are organizations using technology? A new study confirms what you may have already suspected: Social media is now playing a prominent role in nonprofits’ communications and fundraising strategies. That’s just one of the findings in the 2018 Global NGO Technology Report, sponsored by the Public Interest Registry (the nonprofit operator of the .org, .ngo

More and more these days, smaller nonprofit organizations, or groups of individuals who aren’t tax-exempt, are asking larger, more senior nonprofits to sponsor a project. What should you consider before agreeing to become a fiscal sponsor? Understanding the concept With a fiscal sponsorship, a 501(c)(3) organization — usually, a large, established charity — assumes control

The new accounting rules for recognizing revenue will take effect for most not-for-profits at the beginning of their next fiscal year. While the total revenue recognized over time won’t change, you should understand how the timing and information you must share will — and how you can prepare. Nonprofits with public bond issues have already

When not-for-profits are losing funding sources, defaulting on loans or leaving employees unpaid, board members can clearly see that they’re in financial crisis. Often, though, the board could have averted such disasters if it had recognized some of the subtler signs of distress. By keeping an eye out for the following problems, a board can

The new credit losses standard will require banks and other creditors to recognize losses on bad loans earlier than under current U.S. Generally Accepted Accounting Principles (GAAP). It goes into effect for public companies in 2020; private companies have an extra year to implement the changes. However, the AICPA is requesting that the latter deadline

In early 2018, the leadership of the Public Company Accounting Oversight Board (PCAOB) changed hands. The new board members have taken a fresh look at the previous standard-setting agenda. In June, Chairman William Duhnke told the PCAOB’s Standard Advisory Group (SAG) that he would like to complete several existing projects in the coming months. Here’s

On the campaign trail, President Trump promised to “do a big number” on the postcrisis Wall Street reforms. So far, he’s signed a bill easing Dodd-Frank-Act-mandated supervision of small and midsize banks. Now the Securities and Exchange Commission (SEC) is proposing a measure to roll back the controversial Volcker Rule, and the U.S. House of

On July 16, the IRS announced that they will no longer require donor names and addresses on Schedule B of Forms 990 or Forms 990-EZ. This applies to exempt organizations other than 501(c)(3) organizations, and will become effective for tax years ending on or after December 31, 2018. Organizations described in section 501(c)(7), (8), or

SAN FRANCISCO, CA (July 10, 2018) — Hood & Strong LLP, a leading Bay Area accounting and business consulting firm, has been named a 2018 Best Accounting Firm for Leadership Equity by the Accounting MOVE Project, an annual survey of leading financial and accounting firms to determine the state of gender equity in the industry.