Starting in 2018, a new accounting standard goes into effect for charities, public universities and colleges, and other types of cultural, religious and trade-related not-for-profits. Accounting Standards Update (ASU) No.
The AICPA is asking the Financial Accounting Standards Board (FASB) for special breaks for private companies as they implement the new revenue recognition standard, which goes into effect for private companies in 2019.
Accounting Standards Update (ASU) 2016-04 – Presentation of Financial Statements of Not-for-Profit Entities – significantly changes generally accepted accounting principles (GAAP) that have guided nonprofit entities (Topic 958) for decades.
When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction:
Nonprofits have pursued corporate sponsorships for years, with good reason. Effectively executed, sponsorships can benefit both sponsor and organization. But if your nonprofit isn’t careful, a sponsorship can be deemed paid advertising and your organization could end up liable for unrelated…
Every nonprofit dreams of receiving a large endowment that will keep it financially worry-free in the future and allow it to fulfill its mission with ease. But, in the real world, endowments also carry serious responsibilities, created by the Uniform Prudent Management of Institutional Funds Act…
Donating real estate property to a charity can both further your philanthropic goals and provide valuable tax deductions. But the IRS imposes strict rules on charitable deductions that you must follow if you want to reap the tax savings you expect.
Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give.