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Relief Coming for Parking Expenses? Not-For-Profits Hold Out Hope
Posted by Nate Smith on Fri, Sep 6, 2019 @ 05:26 PM

Not-for-profit organizations drew the short end of the stick when the new tax law commonly known as the Tax Cuts and Jobs Act (TCJA) made parking expenses incurred on behalf of their employees a taxable increase to unrelated business taxable income (UBTI). Commercial enterprises were equally affected by this law change, but for many not-for-profits, the change comes as a shock. The UBTI inclusions are likely to lead to tax bills at year-end, which is particularly surprising for organizations that historically had no UBTI. Fortunately, the IRS heard the collective pleas for change, and may be remodeling its approach to give not-for-profits some relief.

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Topics: not-for-profit, NFP, nonprofit, Tax Reform, TCJA, parking expenses

Improve Your Revenue Recognition Assessment Speed
Posted by Mark Winiarski on Fri, Sep 6, 2019 @ 02:04 PM

Not-for-profit organizations, you cleared the biggest hurdle to revenue recognition adoption and busted some of the important myths. Now comes the hard part: a formal, initial impact assessment.

In the race for ASC Topic 606 adoption, your assessment of how revenue recognition affects your organization serves as your course map. It highlights the contracts and arrangements that will experience some of the biggest changes under the new accounting standard, so that you can see other potential barriers between your organization and the finish line.

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Topics: Revenue Recognition Standard, not-for-profit, Mark Winiarski, Revenue recognition, revenue recognition for nonprofits, ASC Topic 606

5 Ways the New ERISA Employee Benefit Plan Audit Standards Will Affect Your Plans
Posted by Hal Hunt on Fri, Sep 6, 2019 @ 01:56 PM

The countdown to revised ERISA employee benefit plan auditing standards officially began this summer when the AICPA’s Auditing Standards Board (ASB) released Statement on Auditing Standards No. 136, Forming an Opinion on Employee Benefit Plans Subject to ERISA (EBP SAS). The new standard takes effect for plan years ending on or after Dec. 15, 2020. Generally, it will affect audits of calendar year 2020 plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) that are performed in 2021.

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Topics: not-for-profit, NFP, employee benefit plan, nonprofit, Form 5500, ERISA, EBP audit

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