Nonprofits will see their leases in a whole new light as they begin implementing the Financial Accounting Standards Board’s (FASB’s) new lease reporting standards. As was revealed in early 2016, the FASB will soon require almost all entities, both for-profit and nonprofit, to start recording leases on their balance sheets and statements of financial position.
For-profit companies use thousands of metrics to measure, analyze, and optimize processes, from the assembly line to management level. Their goal is to maximize the profit margin by creating customer value. It’s a straightforward exchange; a company collects revenue based…
The California Consumer Privacy Act (CCPA) goes into effect on January 1, 2020. The CCPA is desgned to give consumers more control over their information in a climate where data breaches are occurring on an almost daily basis. Even if your business isn’t located in the Golden State, you may still be required to comply. Are you prepared? Continue reading…
Sharing your wealth with family, friends, and loved ones may be easier said than done.
The IRS prevents the tax-free transfer of wealth both before and after death. The estate tax applies when you transfer wealth after death, and the gift tax applies when you transfer wealth during your lifetime. Although their rules are a bit different, the two taxes go hand in hand, which is something to be discussed later. But first, let’s go over the basics of gift taxes and discuss how the gift tax laws will impact you now and into the future.
Pay Attention to the Information Reported on Form 990 – It Could Alert You to the Fact That Something is Terribly WrongNonprofits
The college admissions cheating scandal is all over the news, and rightfully so. This story involves the rich and famous, some of the most elite universities and colleges in the nation, and a nonprofit organization that allegedly engineered more than 800 bribes and other initiatives to benefit the children of its wealthy “donors.” The scandal involved everything from cheating on college admission tests to bribing athletic departments to giving students sports scholarships that they did not deserve.
Most people hire a lawyer to administer a loved one’s estate after they pass. While having a lawyer involved is always advisable, there are many advantages to also working with a Certified Public Accountant (CPA) who specializes in estate planning and administration, even if the lawyer is a tax attorney.
The nonprofit world has been abuzz ever since the issuance of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities. The Financial Accounting Standards Board (FASB) undertook this project in order to improve the usefulness, clarity, consistency, and transparency of information presented to the users of financial statements, be it donors, grantors, creditors, or any other user. As the New Year is upon us, implementation is now mandatory for the calendar year 2018 financial statements.