Welcome to Nonprofit Accounting Basics — a resource designed to help you produce accurate records and reports, encourage and measure accountability, and successfully manage and sustain your nonprofit organization. More About Us

Featured Articles

R. Michael Sorrells, CPA
Jan 29, 2019

The Tax Cuts and Jobs Act passed by Congress in 2017 (the Act) contains a provision making qualified transportation fringes (QTFs) nondeductible to taxpayers (IRC Section 274(a)(4)). In an attempt to level the playing field, the Act also provides that the amount of these payments made by exempt organizations will be added to the unrelated business taxable income (UBTI) of such organizations beginning on January 1, 2018 (IRC Section 512(a)(7)). Organizations incurring these expenses will now have to report them on Form 990-T and pay applicable taxes.

Janna Goudarzi, MST
Nov 6, 2018

Exempt organizations (EOs) may be required to provide information on its activities conducted outside the United States on a number of information forms, including Form 990.  These reporting requirements don’t just apply to EOs with foreign offices or overseas programs, and penalties for failure to comply can be severe in some cases.  Therefore, it is important for EOs to be aware of the potential foreign filing requirements and assess its potential compliance risk.

Subscribe to Front page feed