WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2021, the standard...
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IRS Tax Tips IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers WASHINGTON – The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now Nov. 21, 2020. This new date will provide an...
How not-for-profits can close out the year on a strong note
From AICPA, NFP Section News (September 11, 2020 - Volume 20 No. 23) How not-for-profits can close out the year on a strong note Not-for-profits can still salvage what has been a difficult 2020 with a creative, agile, and digital-first fundraising campaign held at the...
“Substantiation Requirements for Charitable Organizations (Non-Profits) when Accepting Donations”
The written acknowledgment required to substantiate a charitable contribution of $250 or more must contain the following information: Name of the organization; Amount of cash contribution; Description (but not value) of non-cash contribution; Statement that no...
New Not-for-Profit Reporting Standard ASU 2016-14
We mentioned it was coming last year! It's getting closer!! Non-Profits should start thinking about this new standard as summarized below. We will be working with our existing clients to assist them with the implementation of the new Not-for-Profit reporting rules...
FASB’s New Standard Aims to Improve Not-for-Profit Financial Reporting
In August, 2016, the Financial Accounting Standards Board (FASB) launched new reporting standards for Non-for-Profit Entities that will be effective for 2018 calendar year-ends or 2019 fiscal year ends. It is important to be familiar with the requirements ahead of...

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