Month: December 2018
Accounting for Grants and Contributions (ASU 2018-08) – Part I
December 20, 2018
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
It’s almost 1099 Season! Time to Get Ready
December 18, 2018
As the end of the year quickly approaches, the January 31, 2019, 1099-MISC filing requirement is on the horizon.
UPDATE – IRS Issues Guidance on Employee Parking and Unrelated Business Taxable Income for Nonprofit Organizations
December 13, 2018
When the Tax Cuts and Jobs Act (TCJA) was signed into law in December 2017, it amended Section 274 and Section 512 of the Internal Revenue Code (Code) and opened the door for the potential of nonprofit organizations generating unrelated business taxable income (UBTI) due to the parking they provide to their employees.