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E. Cohen & Company CPAs, Here Are Your Articles for Thursday, July 04, 2019
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Regulation Concerns Spike Among Nonprofits

In the wake of changes to the federal tax code, data privacy regulations, as well as new guidelines for financial reporting and recognizing revenue, nearly two-thirds (63 percent) of nonprofits cited regulatory and legislative challenges as a top pain point.

Tax on Nonprofits Could Snare Companies

A controversial provision of the TCJA imposes a 21% excise tax on compensation that exceeds $1 million for the “covered employees” of tax-exempt entities. Companies with affiliated tax-exempt entities could find themselves surprised to be on the hook for a new tax, in light of interim guidance recently released by the IRS.

Synopsis of New IRS Rules on SALT Deduction Cap Charitable Workaround

The new rule has complexities that are not discussed here, which will no doubt spawn significant further commentary. This merits much more detailed analysis, but will serve as a first pass at what it seeks to accomplish.

SMBs and Orgs May Get More Time To Adopt New Accounting Standards

At a public meeting next month, the FASB will consider whether to extend implementation timelines for private companies and not-for-profit organizations, as well as for smaller public companies — and, if so, how to define a ‘small public company.'

Trends from Giving USA's Latest Report

The new standard deduction may be a factor behind the growth of households forming nominal family foundations for use as their individual giving vehicles. As a result, giving that is effectively “individual charity” is categorized as “foundation giving.”

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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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