May 15, 2018 | Nonprofit Updates
The New Reporting Standard for Nonprofits: Implement With Confidence The Larson & Company Nonprofit Services Group is committed to providing critical knowledge to our nonprofit clients and friends. The implementation of the new nonprofit accounting standard...
Jan 24, 2018 | Nonprofit Updates, Tax Cuts and Jobs Act, Tax Updates
The Tax Cuts and Jobs Act is a sweeping tax reform package that impacts virtually all taxpayers, including tax exempt organizations. The final text as agreed on by Congress, does not modify or repeal the so-called “Johnson amendment” that generally restricts 501(c)(3)...
Dec 21, 2017 | FASB Updates, Nonprofit Updates
On August 3, 2017 the Financial Accounting Standards Board (FASB) issued an Exposure Draft, Not-for-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (proposed ASU). The following is a brief...
Dec 15, 2017 | Nonprofit Updates
If your not-for-profit is struggling financially, you’ve probably already taken steps to cut costs, such as wage freezes and layoffs. But to keep your organization afloat, you may need to come up with more creative ways to generate operating cash flow. Here are five:...
Dec 15, 2017 | Nonprofit Updates, Tax Updates
In a news release, IRS has reminded individuals and businesses making year-end charitable contributions of several important tax law provisions, including substantiation requirements, that they should keep in mind. Eligible donees. Only donations to qualified...
Oct 26, 2017 | Entrepreneurs & Small Business, FASB Updates, Nonprofit Updates, Public Companies
In February of 2016, a new accounting standard was released which requires all leases with a term of more than 12 months to be recognized on the balance sheet as assets and liabilities. The following is a brief overview of the standard and how it might affect your...
