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Audit Threshold Increased for NJ Nonprofits

Written on January 20, 2022. Posted in Not For Profit.

By Eitan Balloul, Tax Manager, Not-for-Profit Many Exempt Organizations incur significant expenses associated with the requirement of providing audited financial statements on an annual basis. That expense could be diverted and used to further the charitable mission of the organization. The burden of that expense may be relieved by increasing the threshold at which organizations must file audited financial statements and excluding certain non-monetary in-kind contributions...

Nonprofit Updated Guidance on Reporting for ‘Gifts In Kind’

Written on September 28, 2020. Posted in Not For Profit.

By Diana Miller On September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Nonprofits have been challenged to measure the value of the multitude of contributions they receive (which is not always easy) and are often scrutinized by watchdog agencies, donors, or other regulators. The reason for this update is to improve transparency...

Update – “Parking Tax” Alert! Interim Guidance Released

Written on December 13, 2018. Posted in Not For Profit.

By: Linda Curro and Diana Miller On December 10th, the IRS issued Notice 2018-99 (“Notice”) addressing guidance with respect to the tax treatment of qualified transportation fringe (“QTF”) benefits; specifically how employers should determine the amount of any nondeductible parking expense for employer provided parking. The Notice has provided guidance as to the disallowed parking expenses associated with the 2017 Tax Cuts and Jobs Act which currently disallows certain employer...

Tax Bill Impact on Transportation Benefits

Written on October 18, 2018. Posted in Not For Profit.

Its intentions are good, but the 2017 Tax Cuts and Jobs Act (TCJA) can have a negative effect on non-profit organizations in at least a couple ways. We’ll take a look at how one of the new provisions of the TCJA complicates the provision of what might be a much-needed benefit for some of your employees. Disallowed Benefits The IRS explains the tax code change, known as section 512(a)(7), under the heading “Increase in unrelated business taxable income by disallowed fringe.” This...

Do You Have an Accounting Policies & Procedures Manual for Your Nonprofit?

Written on February 13, 2018. Posted in Not For Profit.

By Diana Miller Updated 7/30/2019. Written documentation of your organization’s policies and procedures regarding accounting practices always makes sense, regardless of your line of business. But it’s particularly critical when yours is a not-for-profit organization. While the production of such a document can be highly detailed and time-consuming, it’s worth it. And it’s a job you’ll likely only do once — or perhaps just tweak periodically as laws or conditions change. Let’s...

New Guidance for Nonprofits: Be Aware of FASB’s Changes in Nonprofit Reporting

Written on August 25, 2016. Posted in Not For Profit.

By Diana Miller Following several years of examination and modification, the Financial Accounting Standards Board (FASB) released its long-awaited update this month on nonprofit financial reporting. The revision is expected to transform the way nonprofit organizations categorize net assets and construct financial statements. To prepare, nonprofit organizations should familiarize themselves with the following developments: Phase 1 (effective for fiscal years beginning after December...