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R. Michael Sorrells, CPA
Aug 29, 2019

On July 1, 2019, the President signed H.R. 3151, the Taxpayer First Act (the Act). The Act, while revenue-neutral, contains many provisions which improve services to taxpayers and change certain IRS administrative procedures.

A couple of provisions in the Act directly affect tax-exempt organizations:

Karis Call
Jul 22, 2019

Accounting Standards Update No. 2016-02, Leases (ASC 842) released on February 25, 2016, emphasizes increased comparability of financial information for financial statement users, and increased transparency of financial statements by effectively eliminating off-balance sheet financing in the form of operating leases. In order to understand the application of ASC 842, it is important to first define the parameters of a leasing arrangement. Here, leasing arrangements from the perspective of the lessee is discussed.

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