IRS Issues Interim Guidance on “Parking Tax”
December 13, 2018 – The IRS and Treasury have released much-anticipated guidance on the “parking tax” under Internal Revenue Code (IRC) section 512(a)(7). As we suspected, paying a third party for employee parking and reimbursing employees for parking is taxable.
Qualified Charitable Distribution Trap for IRA Checkbook Holders
There's a potential pitfall for IRA owners whose account is with a custodian that provides the owner with a checkbook they can use to write checks on their IRA account. Here's what your organization should know about this issue.
How Predictive Analytics Is Transforming NPO Fundraising
Perhaps the most important technological breakthrough for NPO fundraising in recent memory is predictive analytics. This technology is enabling NPOs to run more effective fundraising campaigns and quickly boost their fundraising results. Here's how your organization could benefit.
Challenges in Auditing GIK
Assessing an nonprofit’s policies and procedures related to valuing material gift-in-kind (GIK) transactions is an important part of an NFP audit. Because there is no single source of pricing that is appropriate for valuing GIK donations, it falls on the NFP to arrive at an appropriate estimate of fair value. Here are some key considerations.
The Importance of Cybersecurity Training
While your organization needs to have filters, processes, and controls in place, it’s important to not overlook the “doors” that can be left unlocked by employees and other network users.
Are Grants Subject to Revenue Recognition?
Classifying grants as either a contribution or exchange transaction is the first step in implementing revenue recognition. The clarified guidance in ASU 2018-08 aims to help nonprofits complete that first step in a consistent way across the sector. This article outlines a practical example of the process to evaluate a grant under the new ASU.
Final ASU 2018-08 Issued on Guidance for Contributions
The FASB issued ASU 2018-08 to clarify the accounting guidance related to contributions made or received. This ASU applies to all entities (including business entities) that make or receive contributions of cash and other assets, including promises to give and grants.
November 15, 2018 - Happy Thanksgiving! We are grateful to work alongside nonprofits that are changing lives every day. We want to let you know about some changes that will help us continue to empower nonprofits in the decades ahead.
3Q 2018 Investment Commentary from Cornerstone Management
Equities rebounded in the third quarter, but a strengthening dollar and continued tightening by the Federal Reserve provided headwinds for other asset classes. Bryan Taylor of Cornerstone Management provides insight.
Webcast for Nonprofits: 2018 Nonprofit Tax Year-End Review
December 20, 2018 - It has been an interesting year for exempt organization (EO) tax issues. In addition to new rulings and announcements and EO tax form changes, the fallout from tax reform has taken center stage. Join us as we summarize the most important of the many changes and look toward 2019.