SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic

Business Owners, NonprofitsThe Doty GroupJune 15, 2020SBA, Economic Injury Disaster, EIDL, EIDL Advance, COVID-19, Coronavirus, Small Business, Nonprofit, Paycheck Protection ProgramComment

FASB Approves New Standards and a Proposed Effective Date Delay

FASB, Business Owners, Financial Reporting, NonprofitsThe Doty GroupJune 10, 2020FASB, Financial Accounting Standards Board, Convertible Debt Instruments, Nonprofit, Nonfinancial Assets, Gifts-in-kind, GAAP, Insurance Companies, Financial Services, Long-Duration ContractsComment

IRS, Treasury issue guidance for applying UBTI ‘silo’ rules for tax-exempt organizations by identifying separate trades or businesses

Business Owners, Nonprofits, Treasury, IRS NewsThe Doty GroupApril 23, 2020Tax Cuts and Jobs Act, Tax Exempt Organizations, Nonprofit, Unrelated Business Taxable Income, UBTI, NOL DeductionComment

FASB Proposes Improvements to Accounting for Contributed Nonfinancial Assets by Not-for-Profit Organizations

The proposed ASU would require a not-for-profit organization to present contributed nonfinancial assets as a separate line item in the statement of activities.

NonprofitsThe Doty GroupFebruary 10, 2020FASB, Accounting Standards Update, Nonfinancial Assets, Gifts-in-kind, Nonprofit, Financial Accounting Standards BoardComment

IRS Outlines New Tax Law Effect on Tax Exempt Organizations

Is your tax exempt organization affected by The Taxpayer Certainty and Disaster Relief Act?

IRS News, Tax ReformThe Doty GroupFebruary 3, 2020IRS, Tax Exempt Organizations, Nonprofit, The Taxpayer Certainty and Disaster Tax Relief Act, Parking Lot Tax, Exempt Employers, Tax Cuts and Jobs Act, Private Foundations, investment income, governmental grantsComment

IRS Launches International Charity Fraud Awareness Week

The IRS is raising awareness and sharing practices to help non-profits avoid fraud and stop financial crime.

Individuals, IRS NewsSarah GrayOctober 22, 2019Charity, Nonprofit, IRS, Fraud, International Charity Fraud Awareness Week, Tax Exempt OrganizationsComment

FASB Approves Proposed Effective Date Delays at October 16 Meeting

The Financial Accounting Standards Board approved its 08/19 proposal to grant certain organizations various effective date delays on its credit losses, leases, and hedging standards.

Business Owners, ServicesThe Doty GroupOctober 18, 2019Lease Accounting, Credit Loss Standards, Lease Accounting Standards, FASB, Financial Accounting Standards Board, Private Companies, NonprofitComment