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Insights: Non-Profit Organizations

FASB Delays Effective Date for Accounting Standards

November 15, 2019

In July 2019, the Financial Accounting Standards Board (FASB) unanimously approved to propose delaying the effective date for a number of significant accounting standards for private companies and nonprofit organizations. Included in these proposed changes is Accounting Standards Update (ASU) No. 2016-02, Leases, 2016-13 Credit Losses and 2017-12 Hedging. FASB began considering the delays in response to…

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2019 Tax Planning Guide

November 12, 2019

Click here to download our 2019 Tax Planning Guide!

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For best results, start your strategic planning early

September 11, 2019

Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials…

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Volunteering for charity: Do you get a tax break?

July 15, 2019

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may…

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What type of expenses can’t be written off by your business?

May 6, 2019

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in…

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