Read About - How to Claim a Parking Tax RefundMarch 3, 2020
On January 21, the Internal Revenue Service (IRS) provided guidance on how nonprofits can claim a refund on the unrelated business income tax (UBIT) paid on qualified transportation fringe benefits
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Read About - Consolidating Financial Statements for Nonprofit OrganizationsMarch 3, 2020
Consolidated financial statements and nonprofit organizations are not words that are commonly associated together
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Read About - Retirement Plan Cost of Living Adjustments for 2020 and Highlights of the SECURE ActMarch 3, 2020
The IRS has announced the following cost of living adjustments (COLA) applicable to qualified plans:
The limit on elective deferrals to 401(k), 403(b), and 457(b) plans will increase from $19,000 to $19,500
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Read About - New Attorney General Forms for Charities and Professional FundraisersMarch 3, 2020
As of February 1, 2020, charities and professional fundraisers that raise funds in California are required to file the Attorney General's (AG) newly updated forms for charity, raffle, and professional fundraiser registrants
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Read About - FASB Proposes Changes to Gifts-In-Kind RulesMarch 3, 2020
The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) aimed at improving transparency around how nonprofits present and disclose contributed non-financial assets, or gifts-in-kind (GIK)
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Read About - ACA Individual Mandate Ruled Unconstitutional
Read About - New IRS Annual Report Highlights AccomplishmentsFebruary 28, 2020
The IRS has released Publication 5382, "Internal Revenue Service Progress Update / Fiscal Year 2019 – Putting Taxpayers First." This new annual report describes the agency’s accomplishments and highlights the work of IRS employees during the past year
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Read About - National Taxpayer Advocate Releases Annual Report to CongressFebruary 28, 2020
Bridget Roberts, the Acting National Taxpayer Advocate, released her 2019 Annual Report to Congress
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Read About - Final Regulations Address Withholding on U.S. Source IncomeFebruary 28, 2020
The Treasury and IRS have issued final regulations on the due diligence and reporting rules for persons making certain U.S
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Read About - Voluntary Plan Paid Family Leave Benefits Excludible from Income
Read About - The IRS Moves to Resolve Abusive Micro-Captive TransactionsFebruary 28, 2020
The IRS has recently announced that it would be accepting time-limited settlement offers to specific taxpayers who were under audit for participating in abusive micro-captive transactions
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Read About - New Law for Municipality Taxes in IllinoisFebruary 28, 2020
A new law in Illinois is now in place regarding the recapture of revenue from the state
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