In an effort to provide clarity to credit unions on applying a risk-based approach to BSA due diligence for charities and nonprofit organizations, FinCEN, in conjunction with the Federal Banking Agencies, has issued a fact sheet for reference. FinCEN was clear that the fact sheet does not alter existing BSA/AML legal or regulatory requirements, nor
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On September 17th, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 on Topic 958, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The FASB ASU requires nonprofits to change their financial statement presentation and disclosure of contributed nonfinancial assets, or gifts-in-kind. The FASB issued the update in an effort
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The Tax Cuts and Jobs Act of 2017 (TCJA) established section 199A to help reduce income tax liability for individuals, trusts, and estates to parallel the rate reduction for corporations. With two years separating us from TCJA implementation, it’s certainly worth revisiting key areas where you and your related ventures may find substantial tax benefits.
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Once again, Congress has passed tax legislation just before Christmas. This year, the tax provisions were attached to an enormous spending bill. The tax portion contains two general areas of change – extending previous deductions/credits and new retirement plan changes. The extension of previous deductions and credits are generally only extended for one year. Here
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If your company gets revenue from contracts with customers, as construction companies do, you’d better be ready for ASC 606, the new revenue recognition standard issued by the Financial Accounting Standards Board (FASB). That’s because it goes into effect this year for privately held businesses. The principle of the new standard is that a business
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