Archive: tax refunds

  • Clear Filters

Nonprofit Parking Tax Repeal: How to Obtain Your Refund or Credit

A new law brings welcome news to the nonprofit community. On December 20, 2019, the president signed an appropriations bill that repeals Section 512(a)(7), the unpopular tax on parking and other transportation fringe benefits provided to employees of most tax-exempt organizations. The provision was repealed retroactively, which means nonprofits can request a refund or credit […]

Tuition and Housing Revenue Recognition

In the blog Revenue from Contracts with Customers we talked about some of the guidance for revenue recognition for nonprofits. One of the first issues addressed by the American Institute of Certified Public Accountants (AICPA) Not-for-Profit Revenue Recognition Task Force is Tuition and Housing Revenue. This is primarily addressed to institutions of higher education but […]

Revenue Recognition from Contracts with Customers

Most people are aware by now that the generally accepted accounting principles (GAAP) model on revenue recognition is changing. ASU 2014-09, which covered Revenue from Contracts with Customers, was issued in 2014 and it represents—along with leases—one of the most significant GAAP changes in some time. The standard applies to all types of entities that […]

The Government Shutdown and the IRS

Employees Get Furloughed but the Tax Law Goes On! When the government shut down on October 1st, the IRS, along with most federal government agencies, temporarily shuttered activities, waiting for either an appropriation bill or a continuing resolution to emerge from Congress.  With 91% of the IRS’s 95,000 employees on furlough, you may be asking […]