The Tax Cuts and Jobs Act did not spare the Not-for-Profit sector: new excise taxes; new UBTI rules; changes affecting fringe benefits; changes affecting charitable contributions; changes affecting art collectors who donate to museums; changes in contribution substantiation rules; change in individual taxation affecting donations, some with positive effects and some with negative effects.
ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes in reporting requirements that will significantly affect how nonprofits communicate with stakeholders. It is effective for fiscal years beginning after December 15, 2017 with early application permitted.
ASU 2016-14 was amended by ASU 2016-18, Restricted Cash, and ASU 2017-02, Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity. ASU 2016-18 requires that cash restricted by donors and other outsiders be combined with unrestricted cash in the statement of cash flows.
To date, IRS Form 990 and related state tax forms have not been revised to reflect the ASUs.
Our panel of experts will provide you with what you need to know about the latest and most important GAAP and tax developments affecting non-profit organizations.
Delivery Method: Individual webcast
CPE Credit: Accounting, Auditing, Regulatory ethics, Taxes
Program Level: Update