E Cohen CPAs Nonprofit Industry News
E. Cohen & Company CPAs, Here Are Your Articles for Thursday, April 11, 2019
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Get Your Business Ready for DC Paid Family Leave

Starting July 1, 2019, the District of Columbia will collect taxes from all private sector employers, located in the District, to fund the Paid Family Leave benefit. Learn more about what you need to know as an employer.

Tax Code Changes are an Urgent Call to Action

Understanding a changing giving environment can help each organization adapt its development program to maximize its ROI. This article explores how the significant revisions to the tax code has affected charitable giving and the nonprofit sector.

Tax on 'Excess' Executive Compensation Poses Challenge

The new excise tax is a major change with respect to the landscape in which tax-exempt organizations compensate their executives. Failure to understand and properly apply these new rules can result in significant tax liability for the tax-exempt organization.

UBIT Benefits Discussed At Capitol Hill Hearing

The 2017 Tax Cuts and Jobs Act imposes an unrelated business income tax (UBIT) on the expenses of nonprofits that provide employees with transportation benefits, such as transit passes and parking.  Failure to pass any of the multiple bills proposed by members of both parties repealing this provision will mean that nonprofits may have tax due.

FASB Updates Definition of ‘Collections’ for Nonprofits

The Financial Accounting Standards Board issued an accounting standards update for nonprofits, modifying the definition of the term “collections” to align it with the American Alliance of Museums’ Code of Ethics' definition of the art, historical items and other assets such organization may hold.

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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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