News

The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year. The waiver recognizes that the Tax Cuts and Jobs Act’s (TCJA’s) overhaul of the federal income tax regime made

Once upon a time, financial reporting professionals expected the Securities and Exchange Commission (SEC) to publish a rule that would allow — or force — U.S. public companies to use International Financial Reporting Standards (IFRS). Had the anticipated move come about, U.S. Generally Accepted Accounting Principles (GAAP) would have been abandoned. The switch, however, never

New rules clarify accounting for grants and contributions When the Financial Accounting Standards Board (FASB) released new rules for revenue recognition in 2014, contributions were specifically excluded. Now the FASB is offering further guidance in its Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received

Keep old friends Training a new volunteer is time-consuming and costly. And that’s only one of many reasons why you want to hold on to your volunteers once you bring them into your organization. Their value is high When you consider the value of volunteers, it’s easy to see how they’re like paid employees. After

In the wake of the new tax law and other developments, many nonprofits are looking for ways to solidify their financial footing — including the possibility of merging with another organization. But a merger isn’t something to be entered into lightly. It’s a big step that requires careful planning and consideration. Possible structures The term

In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The IRS has now published proposed regulations that taxpayers can rely on until final regs are released. The proposed

In August, President Trump tweeted in favor of a six-month reporting system to replace the three-month quarterly and annual filing requirements that U.S. public companies have followed for years. He has tasked the Securities and Exchange Commission (SEC) to review this contentious issue, which pits public companies against their investors and market analysts. SEC research