Nonprofit Accounting Basics

Recent Articles

IRS Announces Important Filing Changes for Nonprofits with Group Tax Exemptions

As part of a broader shift in reducing its administrative burdens, the Internal Revenue Service (IRS) will no longer send "central" organizations that hold group tax exemptions a yearly roster of e

Accounting Standards Updates (ASU) 2018 Effective Date Reminder

This Effective Date Reminder lists only those pronouncements issued as of November 1, 2018, which became effective on or after January 1, 2018 for most entities or have not yet become effective for

New Revenue Recognition Standard Will Impact Nonprofit Financial Statements

During 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).

New Requirements for Renewal of Exemption Status in Washington, DC

Organizations exempt from income and franchise, sales and use and/or personal property taxes in the District of Columbia are subject to a new requirement to renew tax exemptions every five years.

IRS Releases Guidance on Taxable Parking Expenses and Provides Relief for Some Organizations

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)).

Foreign Filings

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 r

IRS Issues Guidance on Calculating UBTI Under the New Tax Law

The IRS has issued long-awaited guidance regarding the calculation of unrelated business taxable income (“UBTI”) for exempt organizations under the new tax law.

Pre-Award Risk Assessments - Looking for Financial Sustainability

Pre-award risk assessments are a relatively new phenomenon in the Federal Grants marketplace.

Per Diem vs. Accountable Plans: Determining the Best Approach

One of the most frustrating internal control processes for accountants and auditors alike is the dreaded company credit card and employee expense reimbursements.  You might be thinking, let’s

FASB Clarifies and Improves Guidance for Not-for-Profit Grant and Contribution Accounting

On June 21, 2018, the Financial Accounting Standards Board (FASB) has issued accounting standards update (ASU) No.