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New Liquidity and Availability Reporting Standards for Nonprofits

In August of 2016, the Financial Accounting Standards Board (FASB) released a broad update of accounting standards that will change the way nonprofit organizations report and present their financial data. Formally titled Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14), the update addresses multiple aspects of financial reporting. Not-for-profits (NFPs) will make the most significant reporting changes in the areas of functional expenses; treatment of net assets and endowments; liquidity and availability of resources; and intermediate measures of operations.

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Three people reviewing a nonprofit's statement of functional expenses

A First Look at the New Statement of Functional Expenses

When considering a charitable gift, prospective donors want to know how a nonprofit spends its money. While the information is accessible through publicly available financial statements, these documents can be difficult to wade through and interpret for a non-accountant. That’s why the Financial Standards Accounting Board (FASB) has established a new requirement for nonprofits to prepare expense statements in a form that helps donors easily grasp the relevant information: the schedule of functional expenses.

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Audit season is right around the corner. Are you ready?

With the fiscal year end around the corner, what comes next? The annual audit, of course! With the stress of year-end closing weighing on your mind, the last thing you may want to think about is the challenge of going through an audit. This process tends to make everyone uneasy and can undoubtedly lead to extra work, but it doesn’t need to be an experience to dread.

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What Should Your Company Know About Benefit Plan Audits?

Most business owners have heard of benefit plan audits, but many are unsure what these audits entail or even whether their company is required to have one. While the regulations surrounding benefit plans and related audits are complex, it is a relatively straightforward matter to determine your responsibilities under the law. Here’s what you need to know, in a nutshell.

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Which Education Tax Credit Is Right for You?

Credits related to higher education are some of Americans’ favorite tools for saving money on taxes. These benefits are relatively easy to claim, but the multiple IRS programs can create confusion for taxpayers. There are two separate routes to obtaining tax benefits surrounding educational expenses incurred by taxpayers or their dependents, and each has different qualifications and benefits.

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Why You Should Use Electronic Options When You File

The IRS can process e-file returns faster and with fewer errors than non-electronic options. This means quicker refunds and less contact with the IRS. Who doesn’t like that? IRS e-file provides proof of receipt within 24-48 hours of sending the tax return to the IRS. Individual and business clients can e-file a balance due return and schedule an electronic funds transfer (EFT) from their account for any date.

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back of college graduates during commencement.

Invest in Your Children’s Education–Contribute to a 529 Plan!

Contribute to 529 plans–it’s never too early or too late to start putting money away for a child’s college education. The education days will be here sooner than you think and likely more expensive than you were planning on! 529 contributions are not limited to parents; this is for grandparents, aunts, uncles or anyone with interest in helping provide the means necessary for a child’s higher education.

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Changing State Residency

Taxpayers are constantly searching for ways to reduce their income tax liability. One common way is people trying to establish residency in a state with no income tax (Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming) or with limited tax only on certain investment income (New Hampshire and Tennessee). There are many common misconceptions about what it takes to establish residency in one of these states for tax purposes. Read More »