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Notes from your CPA: New tax law requires strategic refresh for nonprofits

06-13-2019

by Kyle R. Evans, CPA Tax experts agree: adjusting to new accounting standards and the effects of the 2017 Tax Cuts and Jobs Act can make the nonprofit world more confusing – and challenging. That’s why it’s essential for a CPA or other financial adviser to serve as your nonprofit’s partner and guide year-round to […]

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by Benjamin R. Bostic, CPA There It’s a moment of eager anticipation – getting that tax refund. Many families this year, however, were shocked by smaller-than-expected refunds or even the prospect of owing money. If tax reform was supposed to lower my taxes, they wondered, why is my refund smaller? Every situation differs, but overall […]

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by David J. Manbeck   You love your job with a nonprofit organization. You believe strongly in the good work you do every day. But there’s one part you do not love — the annual audit. Pennsylvania statute says charitable nonprofits with contributions of at least $750,000 must undergo an annual independent audit by a […]

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by Edward J. Straley   In June 2018, the Financial Accounting Standards Board culminated a four-year review with new rules for revenue recognition by nonprofits. While the new standard, known as ASU 2018-08, did not substantially change the way that nonprofit organizations identify and report revenue, it did clarify the standard rules and provided better […]

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by Crystal A. Skotedis There was a day not so long ago when homeowners didn’t lock their doors. They trusted that no one would enter uninvited. Likewise, many employers today blindly trust that the retirement plans they offer to employees – primarily 401(k) plans – are secure. There is a strong probability that computer hackers […]

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by Edward R. Jenkins When you are “in the zone,” you are hyper-focused and at peak performance. For investors, “the zone” means owning an optimal mix of investments with your desired risk and return profile. That zone is better when an investor takes advantage of lucrative new federal tax benefits while creating jobs and injecting […]

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by Brian J. Kutz Employers that provide parking to their employees may be in for a nasty surprise this tax season. A provision of the Tax Cuts and Jobs Act of 2017 (TCJA) disallows parking expenses incurred by employers that provide parking to their employees. On the nonprofit side, organizations are required to increase their […]

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by Thomas J. Taricani New estate planning opportunities created by the Tax Cuts and Jobs Act of 2017 (TCJA) makes now the perfect time to consider a lifetime transfer of wealth to your heirs. Even if you’ve recently updated your estate plan, you probably have to look at some updates to ensure you’re taking full […]

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By David J. Manbeck and Donna M. Mullin For years, nonprofits have operated under relatively stable financial reporting and taxability rules. Then came an upheaval. Accounting standards changed. So did tax laws. In this new age, nonprofits can seize the opportunity to align financial policies with their missions. Leveraging the changes precipitated by The Financial […]

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