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New Not-for-Profit Disclosure Requirements Provide a Clearer Picture

The new disclosure requirements set by ASU 2016-14 require not-for-profits to do extra work in preparing their financial statements.  These disclosures provide the benefit of providing a more transparent perspective of how an organization’s financial picture really looks.   ASU 2016-14 requires the following changes to financial statement presentation and disclosures: Net assets are no…

New Tax Burden, New Tax Break

New Tax Imposed on Nonprofits Prior to the Tax Cuts and Jobs Act, certain for-profit employers were allowed a tax deduction for the costs related to qualified transportation and parking benefits provided to their employees. However, this deduction was eliminated by the Tax Cuts and Jobs Act. As a result, nonprofits that provide transportation and…

Summer Tax Update

2018 HSA Contribution Deduction Limit Restored to Original Level of $6,900 Before the Tax Cuts and Jobs Act was passed, the 2018 limit on deductible HSA contributions for account owners with family coverage was scheduled to be $6,900.  However, the Tax Cuts and Jobs Act included changes to how annual inflation adjustments are calculated for…