The Tax Cuts and Jobs Act did not spare the Not-for-Profit sector: new excise taxes; new UBTI rules; changes affecting fringe benefits; changes affecting charitable contributions; changes affecting art collectors who donate to museums; changes in contribution substantiation rules; change in individual taxation affecting donations, some with positive effects and some with negative effects. The Taxpayer Certainty and Disaster Tax Relief Act, passed December 30, 2019 includes several provisions effecting tax exempt organizations which will be covered, including repeal of the parking/fringe benefit tax.
ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes in reporting requirements that will significantly affect how nonprofits communicate with stakeholders. It is effective for fiscal years beginning after December 15, 2017. This program will provide an update on some implementation questions that have been raised.
ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, impacts how Not-for-Profit Entities records grants and contributions. It provides clarification on identifying conditions within grant and contribution agreements. It is effective for fiscal years beginning after June 15, 2018 for public entities, and after December 15, 2018 for all other entities. This program will provide an overview of the standard as well as review example transactions.
This program will also provide an overview of other recent standards issued and projects in progress that impact Not-for-Profit entities.
**Please Note: If you need credit reported to the IRS for this IRS approved program (4 Tax Hours only), please download the IRS CE request form on the Course Materials Tab and submit to firstname.lastname@example.org.
- Auditing Update
- Social Media and Cyber Crime
- Ethics Update
- FASB Update
- Not-For-Profit Tax Update
- 2020 Auditing Update
- Cyber Threats to Businesses
- 2020 Ethics Update
- FASB Update
- 2020 Not-for-Profit Tax Update
Designed for: Public Practitioners and Industry CPAs, EAs
Instructor: Jeffery D. Mechanick, CPA, M.B.A., J. Michael Inzina, CPA, CGFM, CGMA, C. Clinton Davis, Patty Mayer, CPA, Stacy M. Arruda
Developer: Business Professionals' Network, Inc.
CPE Credits: 8
Area(s) of Study: Accounting - Technical (2) Auditing- Technical (2) Taxes - Technical (4)