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IRS Issues 2017 Work Plan for Tax Exempt Organizations

The Tax Exempt and Government Entities division of the IRS issued its FY 2017 Work Plan at the end of September 2016, which builds upon the agency’s 2016 priorities and its mission to work smarter with fewer resources.

This idea of “working smarter” includes targeting audit initiatives so the IRS […]

What’s the Difference between Nonprofit And For-Profit Accounting, and How Does it Impact the Fiduciary Duties of Board Members?

There are many opinions on what the fiduciary responsibilities of nonprofit board members are. The National Council for Nonprofits discusses that boards should:

a) Take care of the nonprofit by ensuring prudent use of all assets, including facility, people and goodwill; and provide oversight for all activities that advance the nonprofit’s […]

How Tax Law Changes May Impact Charitable Giving

Whether we look at the blueprint for tax reform put forth by Republican House Ways and Means Committee members, the deliberations of the Senate Finance Committee’s bipartisan tax reform working groups or the tax proposals of President-elect Trump, there is a very real possibility that tax rates will be […]

A Deeper Dive Into ASU 2016-14 Implementation Issues

Our Fall Insights for Nonprofits newsletter outlined the financial reporting areas for nonprofits that will be impacted by the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.

As organizations look to implement ASU 2014-16 and meet […]

No Need to Worry About New Tax Law Changes

While many organizations finished 2016 calling for donors to contribute before year-end “while the contributions still matter,” you should be reassured that all hope is not lost in 2017 because of proposed tax law changes that may or may not be enacted before year-end. We will need to wait […]

New Deferred Compensation Regulations: What Nonprofits Need to Know

The Internal Revenue Service (IRS) released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations in June. The regulations, which have been anticipated by the industry since 2007, address the interplay between Internal Revenue Code Section 457 and Section 409A, which govern the nonqualified […]

What is MY Fiduciary Responsibility as a Plan Sponsor?

According to public information, an Ivy League research university was recently accused of mismanaging its retirement plan in a federal civil lawsuit claiming $100 million in damages. While other well-known universities have been sued recently over the management of their retirement plans, this suit is the latest to target […]

FASB Issues ASU 2016-14, Presentation of Financial Statements of Nonprofit Entities

The Financial Accounting Standards Board (FASB) released the Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities on Aug. 18. You can read the full ASU here.

The standard aims to improve presentation of financial information, ultimately making nonprofit financial reporting statements more informative, […]

Lawsuits Target Higher Education: What Retirement Plan Sponsors Need to Know

Retirement plan excessive fee litigation surrounding 403(b) plans was a hot topic in the employee benefit plan world this past week. Several universities that sponsor 403(b) plans were added to excessive fee litigation filed by the law firm of Schlichter, Bogard & Denton, bringing the number of universities having […]

Uniform Guidance Procurement Rules Are Coming… Is Your Organization Prepared?

Time is running out! For organizations that receive federal funding subject to Uniform Guidance (UG), 2 CFR 200, the time to update procurement standards is rapidly approaching. The UG provided a two-year grace period, which expires two full fiscal years following Dec. 26, 2014. This means organizations with a […]