Not-for-Profit Blog

Blogs November 09, 2020 Are Scholarships Tax-Free?

Many not-for-profit organizations provide grants in the form of scholarships. A scholarship will be tax free to the recipient if the following criteria are met. It’s important to understand which scholarships are excludable from taxable income for th…

Blogs September 01, 2020 2019 Form 990 and 990-EZ Significant Changes and Reminders

The IRS continues to make progress towards paperless filings; the latest change impacts both Forms 990 and 990-EZ. If a Form 990 or 990-EZ is being filed for a tax year beginning on or after July 2, 2019, it must be filed electronically (with limite…

Blogs February 28, 2020 Proposed Updates to Nonfinancial Assets Reporting

Discussion of the proposed regulations surrounding a not-for-profit’s reporting of contributed non-financial assets or “gifts-in-kind” – i.e., land, buildings, materials and supplies, food, clothing, etc.

Blogs January 24, 2020 Qualified Transportation Fringe Amounts - UBIT Refund Procedures

Notes on claiming a refund or credit in conjunction with the repeal of the unrelated business income tax (“UBIT”) on qualified transportation benefits.

Blogs January 14, 2020 Private Foundations: Change in Excise Tax Rate

A discussion of the provision in the 2020 spending bill that changes the current excise tax rate from a two-tiered structure to a single flat-tax rate and how it applies to private foundations.

Blogs December 26, 2019 Law Taxing Nonprofits on Transportation Benefits Repealed

A discussion of the spending bill recently signed by the president that includes a provision reversing the 21% unrelated business income tax (“UBIT”) on qualified transportation.

Blogs September 26, 2019 Cybersecurity for Not-for-Profit Organizations

An examination of how cybersecurity can be one of the most valuable assets an organization can have -- if it is secured and regularly monitored by the organization.

Blogs August 02, 2019 Be Audit-Ready

There are steps controllers and audit committees can take to make the audit process run more smoothly and make their organizations more ‘audit-ready.’

Blogs March 29, 2019 FASB’S ASU 2018-08: How Will the New Pronouncements Impact Your Organization?

In June 2018, the FASB issued Accounting Standards Update (ASU) 2018-08, “Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made” which will have a profound impact on not-for-profit organizations.