If you save for retirement with an IRA or other plan, be aware there’s a new law that makes several changes to these accounts. For example, the SECURE Act repealed the maximum age for making traditional IRA contributions. Before 2020, traditional IRA contributions weren’t allowed once you reached age 70½. Starting in 2020, an individual […]
4 new law changes that may affect your retirement plan Read More »
A much-hated tax on not-for-profit organizations is on the way out. At the end of 2019, Congress repealed a provision of 2017’s Tax Cuts and Jobs Act (TCJA) that triggered the unrelated business income tax (UBIT) of 21% on nonprofit employers that provide employees with transportation fringe benefits. Unequipped to handle the additional administrative burdens
Congress rolls back burdensome UBIT on transportation benefits Read More »
Many nonprofits are unsure how to account for grants and similar contracts, especially when they come with donor-imposed conditions. Accounting Standards Update (ASU) No. 2018-08 provides much-needed clarity on contributions made and received. Effective for calendar-year 2019, the ASU will help nonprofits determine whether a grant or similar contract is indeed a contribution. And, if
Nonprofits: Are you ready for the new contribution guidance? Read More »
