On December 20, 2019 the “Parking Tax” was retroactively repealed when the new Taxpayer Certainty and Disaster Tax Relief Act was signed into law.
Not-for-profit (NFP) accounting is a unique and often challenging environment that requires specialized knowledge and experience. While having this knowledge is key to successfully managing the accounting and financial reporting of an NFP, we also recognize that many NFPs rely on outside guidance for some of this knowledge.
Charitable giving by individuals in the United States decreased by 1.1% in 2018 when compared to 2017, according to research from Giving USA. One cause for this decrease was due to changes to the tax law under the Tax Cuts and Jobs Act. To compound the decreases in contributions that not-for-profits are facing, corporate giving is trending similarly. Corporate sponsors are increasingly interested in knowing the outcomes that their contributions support and looking for more value-added benefits.
Books, music, and movies offer factual and fictional stories that capture our imagination, invoke emotion, and move readers to act. The most interesting stories have drama, plot twists, tragedies, ironies, and comedies that reflect on current conditions and paint a vision of better conditions. Not-for-profit organizations, like many other private and governmental organizations, have been digesting a best-selling cybersecurity story fueled by fear, uncertainty, and doubt. If you are one of those board members, consider if the cybersecurity story you are reading or listening to is fact or fiction.
Section 4960 of the Tax Cuts and Jobs Act of 2017 enacted a 21 percent excise tax on excessive employee compensation for tax-exempt organizations.