BLS Insights

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements.

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements.

With the basic exclusion amount at $11.18 million and growing, along with portability of a decedent’s unused exclusion, most individuals will not have a federal estate tax liability.

In the first two blogs in this series, we explained guidance found in this new ASU regarding contributions vs exchange transactions, and conditional vs unconditional contributions

We are in the thick of the tax filing season and the call volume to the Internal Revenue Service (IRS) is high, so we would like to share some tips the IRS has communicated which will enable you to get a quick answer. 

With the new tax law in full effect, it’s a good idea to reexamine your federal tax withholding for this and future years.

Our first blog in this series, “Accounting for Grants and Contributions (ASU 2018-08) – Part I”, explained the guidance related to determining a contribution from an exchange transaction.

The Tax Cuts and Jobs Act (the Act) made several changes to the rules regarding the deduction of business meals and entertainment.

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements.

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.