New Rules Proposed for Substantiating Charitable Contributions

UPDATE to proposed treasury regulations. Currently, to claim a tax deduction for a charitable contribution, a taxpayer must obtain a contemporaneous written ... read more >

Not-for-Profit Reporting Model - Part 7: Financial Accounting Standards Board (FASB) to Redeliberate the Proposed NFP Reporting Model

The FASB announced at its October 28, 2015 Board meeting that it will be redeliberating the April 2015 proposed Accounting Standards Update, Not-for-Profit ... read more >

Nonprofit Organizations are Eagerly Awaiting the Pennsylvania State Budget

On June 30, 2015, just one day before the start of Pennsylvania’s 2015 – 2016 fiscal year, the state House and state Senate passed a $30.2 ... read more >

No Update to Form 990-T in the Near Future

IRS Form 990-T, Exempt Organization Business Income Tax Return has existed essentially unchanged since it first appeared in 1951. In a report issued in ... read more >

What Do the New DOL Overtime Regulations Mean for Not-for-Profit Organizations?

President Obama has recently proposed new overtime pay regulations that would change when an employer is required to pay overtime pay to salaried employees. ... read more >

Not-for-Profit Reporting Model - Part 6: Measuring and Disclosing Liquidity

The Financial Accounting Standards Board (FASB) issued an exposure draft on the financial statement presentation of not-for-profit (NFP) entities this ... read more >

Not-for-Profit Reporting Model - Part 5: Investment Return Accounting Changes

The proposed Accounting Standards Update on the Presentation of Financial Statements of Not-for-Profit Entities put forth by the Financial Accounting Standards ... read more >

What Items Should a Nonprofit Board Review Annually?

On an annual basis, there are a number of issues involving governance and management that a nonprofit’s board of directors should review. Among the ... read more >

IRS Advisory Committee Revisiting the Form 990

The IRS Advisory Committee on Tax-Exempt and Government Entities (ACT) released its 2015 report on June 17, 2015 detailing recommendations for consideration ... read more >