The Governor has signed House Bill 354, effective immediately, which includes relief on sales tax regulations for Kentucky nonprofits. House Bill 354 exempts organizations from collecting sales tax on most of the sales of admissions to events and activities sponsored … Continue reading
Category Archives: Not-for-profit
Kentucky House Bill 487 includes provisions related to expanded sales tax regulations. The bill, effective July 1, 2018, impacts many nonprofit organizations. This infographic addresses some of the questions we are hearing most frequently about what is taxable and what is … Continue reading
Changes in annual not-for-profit financial statements prescribed in Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14) will affect substantially all NFPs. They are designed to provide more relevant information about an organization’s resources, and the changes in … Continue reading
Kentucky House Bill 487 includes provisions related to expanded sales tax regulations. This bill does apply to nonprofit organizations and is effective July 1, 2018.
Most NFPs are founded to provide some public benefit. Tax-exempt status refers to the federal income tax exemption that is available for certain kinds of income under section 501(a) of the Internal Revenue Code (IRC). NFPs that have obtained tax-exempt … Continue reading
Contributed services – when do they have to be recorded in the financial statements? Donated services are to be recorded in the financial statements when the services create or enhance a non-financial asset or require specialized skills, are provided by … Continue reading
The Financial Accounting Standards Board (FASB) recently released proposed accounting standards updates that could have a major impact on nonprofit organizations. The first major update to the not-for-profit accounting model in more than 20 years is expected to “improve financial … Continue reading