The Tax Cut and Jobs Act (TCJA) Summaries Copy

Tax Cuts and Jobs Act Summaries On December 22, 2017 President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act,” (TCJA) a sweeping tax reform law that promises to entirely change the tax landscape. This article provides…

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The Tax Cut and Jobs Act (TCJA)

Congress passes biggest tax bill since 1986 On December 22, President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act,” a sweeping tax reform law that promises to entirely change the tax landscape. The bill makes small…

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Newsbits: Do most nonprofits benefit from mergers?

In a recent study, 88% of nonprofits involved in a merger felt that their organization was better off post merger in terms of achieving organizational goals and increasing impact. So discovered a team of Northwestern University researchers who studied 25…

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Newsbits: IRS releases FY 2016 compliance results

In its Tax Exempt and Government Entities FY 2017 Work Plan, the IRS reported on the nearly 5,000 examinations of exempt organizations it conducted in the 2016 fiscal year. The exams focused on five issues: exemption (including nonexempt purpose activity…

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Are you ready for endowments?

With baby boomers — the largest and wealthiest generation in U.S. history — expected to transfer trillions of dollars worth of assets in the next few decades, this could be the right time to launch an endowment. Nonprofits have long…

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Filing season ends with no red flags

The IRS processed more than 128 million returns and issued some 97 million refunds without hitting any major roadblocks by the end of the filing season. As in past years, the vast majority of returns were filed electronically. Likewise, most…

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Treasury to review/re-evaluate tax regulations

The Treasury Department is to undertake a review and re-evaluation of tax regulations issued by the IRS since January 1, 2016. President Trump signed an Executive Order 13789 (“Identifying and Reducing Tax Regulatory Burdens”) ordering this action in later April,…

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Newsbit: Nonprofit hiring challenges

According to this year’s Nonprofit Employment Practices Survey™ from Nonprofit HR and GuideStar, the ability to pay competitive wages ranks as the top staffing challenge faced by nonprofits for the fifth consecutive year. Since 2014, the second largest challenge has…

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Newsbits: Microsoft offers nonprofits free cloud services

Microsoft’s philanthropic arm has announced that it’ll donate $1 billion in cloud computing resources over the next three years to nonprofits and nongovernmental organizations worldwide. The donation is part of an initiative that includes providing a suite of Microsoft cloud…

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Making sense of FASB’s new accounting standard for nonprofits

Practice Leader: Susan M. Greggo, CPA, Partner, Director of Not-for-Profit Services and Illinois CPA Society Accounting and Audit Sub-Committee Chairperson The Financial Accounting Standards Board (FASB) recently released its first update to the financial reporting rules for nonprofits since 1993.…

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Five Reasons Your Organization Needs an Audit Committee

Success for not-for-profits (NFPs), regardless of their type or size, is built on a firm foundation of fiscal accountability and governance. Achieving these oftentimes elusive goals requires more than traditional business know-how and insights into industry and sector trends. It…

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Your nonprofit’s bylaws

Practice Leader: Susan M. Greggo, CPA, Partner, Director of Not-for-Profit Services and Illinois CPA Society Accounting and Audit Sub-Committee Chairperson Those golden rules may need more than polishing Has your organization outgrown its bylaws? Sometimes, as a nonprofit expands and…

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Tax Scams Proliferate During Filing Season

The filing season is the most active time of the year for tax scams. These scams take every shape and form, ranging from telephone calls to individuals to sophisticated schemes targeting employers and businesses. The goal of all these scams…

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