News & Events

The New Nonprofit Liquidity Disclosures

nonprofit liquidity disclosures

Accounting Standards Update 2016-14 “Liquidity worries haunt nonprofits,” intoned CFO Magazine in a 2009 headline. At that time, not-for-profit organizations were scaling back, and few were sitting on cash. This lack of liquidity worsened nonprofits’ financial straits during the recession and afterward. Hard times, in turn, made liquidity harder to...

FASB Improves Accounting Related to the Tax Cuts & Jobs Act

FASB Improves Accounting

The Financial Accounting Standards Board (FASB) addressed an accounting issue created by the Tax Cuts & Jobs Act by releasing FASB Accounting Standards Update (ASU) 2018-02, Income Statement – Reporting Comprehensive Income. This ASU addresses an accounting issue having been coined the name “the stranded tax effect” and is...

Is Your Employer Withholding Enough in Taxes?

Employer Tax Withholding

The Internal Revenue Service recently released Notice 1036, which updates the income-tax withholding tables for 2018. This reflects changes made by the signed Tax Cuts and Jobs Act. The update shows the new rates for employers to use during 2018, and should be implemented as soon as...

Should You Take Bonus Depreciation on Your 2017 Tax Return?

Bonus in 2017

Claiming bonus depreciation on your 2017 tax return may be particularly beneficial. With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation.

Changing Perception on a Career in Manufacturing

Career in Manufacturing

- by Linda Marie Pearson, CPA, CFE Manufacturing is Important Yet… While Americans value the manufacturing industry, but they are not choosing manufacturing for their careers. According to the 6th U.S. Public Opinion of Manufacturing Study conducted by the Manufacturing Institute and Deloitte, 7 out of 10 people interviewed...

Tax Reform Impact on Nonprofits

Tax Reform Impact on Nonprofits

By Elizabeth Resendes, CPA, MST, Senior Manager The Tax Cuts and Jobs Act enacted in December 2017 marks the most dramatic overhaul to the U.S. income tax code in decades. A number of provisions will have serious operational and tax reporting impacts on nonprofit entities, creating significant challenges for executives...

New Streamlined IRS Partnership Audit Rules

Partnership Audit Rules

-by Ron Dean, CPA, MST, Manager Implementation of the Tax Cuts and Jobs Act, coupled with a recent government shutdown, can make it difficult to stay informed on new legislative changes that may impact you. This can be especially true for legislation passed in 2015 but not effective until tax...