Nonprofit Articles

Middle market companies engaging in research and development activities face new challenges due to new Section 174 rules. Here are answers to some of the most common questions stemming from the new requirements.

President Biden’s 2024 budget proposal includes a variety of changes that could impact taxes for individuals and businesses.

(authored by RSM US LLP) The Inflation Reduction Act of 2022 provides significant funding for the IRS over the next 10 years. The IRS is expected to use over half the funds for enforcement. Taxpayers can also expect to see an increase in taxpayer services.

The IRS has increased the optional standard mileage rate by 4 cents per mile, its first mid-year mileage rate adjustment in 11 years.

Businesses and nonprofit groups are gradually adjusting to requirements of the new lease accounting standard, such as bringing most leases onto the balance sheet. Since ASC 842 can seem confusing, here’s a quick guide to ease the adjustment period.

Being fully prepared and organized can help your financial statement audit go smoothly and ultimately save your business or organization time, money, and headaches.

Diversity, equity, and inclusion are buzzwords in modern strategic management. Here are some of the benefits that initiatives in these areas bring to public and private companies and how companies can showcase their progress in footnote disclosures and separate diversity, equity, and inclusion reports.

Tax laws could change significantly in the coming weeks, but a few reliable year-end strategies should be at the top of your list as you look for ways to minimize your tax bill.

Congress has passed the Infrastructure Investment and Jobs Act after months of debate and negotiation. Find out what tax-related provisions have been built into the new law.

The outcome of two big pieces of legislation remains uncertain as negotiations continue in Congress. Here’s a look at the proposed bills and the potential tax law changes that could affect you or your business.

The new lease accounting standards changed in 2019 for public companies. Calendar-year private companies that follow U.S. Generally Accepted Accounting Principles must comply with the updated lease rules in 2022.

During the COVID-19 pandemic, many audit procedures have been performed remotely, forcing auditors to rely more heavily on analytical procedures. It’s important to understand how auditors use analytical procedures to make audits more efficient and effective.

If your business hasn’t already claimed the Employee Retention Tax Credit, now is the time to check on your eligibility. The money can help with the costs you incur in hiring and retaining employees during the pandemic.

Have you taken a few minutes to really explore QuickBooks’ report center? It’s the best way to learn about the variety of reports available from one of QuickBooks’ most powerful components.

A new FASB update helps clairfy the presentation and disclosure of contributed nonfinancial assets, including land, buildings, and other items, but it does not change existing recognition and measurement requirements for contributed nonfinancial assets.

If you received a PPP loan, important forgiveness deadlines are approaching quickly. Are you prepared?

The estimated number of going concerns for the fiscal year 2019 fell to the lowest amount in 20 years, but the pandemic caused financial distress that could bring an end to this downward trend for the fiscal year 2020.

Cybercrime isn’t just an issue for big corporations. Your small business can be a target, too. Are you protecting your QuickBooks data?

What could President Biden’s tax proposals mean for you? Here’s a brief rundown of the American Families Plan.

Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the latest updates on the popular loan program.

Is your business taking full advantage of the Employee Retention Credit? Discover how you could make the most of the year-old ERC.

Did you resolve to pay bills on time in 2021? QuickBooks offers tools to help you enter, pay, and track them, so you can avoid late payments. Here’s how.

Because the new American Rescue Plan Act is such an expansive piece of legislation, it’s likely that you, your family, or your business can benefit from it.

The Internal Revenue Service has provided guidance for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.

The latest COVID-19-related stimulus bill, the American Rescue Plan Act, has passed and awaits signing by President Biden. What does this legislation mean for you individually or as an employer?

New SBA questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan but also about its economic experience after receiving the loan.

Tennessee’s nonprofit organizations will soon be eligible for $150 million in grants as part of COVID-19 recovery efforts. Funds will be issued through the Tennessee Community CARES Program to Tennessee nonprofits that are assisting in relief efforts related to the ongoing health and economic impact of COVID-19.

The latest revisions to the tax code will bring welcome relief to nonprofit organizations.

New guidance from the FASB means that nonprofit groups can use the same methods available to private companies for reporting goodwill and certain identifiable intangible assets after a merger or acquisition.

KraftCPAs team members helped sort and pack more than 20,000 lbs. of food as part of a project with Second Harvest Food Bank of Middle Tennessee on Sept. 21.

Operating a nonprofit in today’s environment is challenging; increasingly, organizations are finding solutions through collaboration.