On April 15th, tens of thousands of not-for-profit organizations will have tax bills come due. "How can that be?" you ask, "I thought most non-profits have tax exempt status." Well, effective with the 2018 tax season, you're wrong.
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Zinner & Co. LLP Partner Susan Krantz, CPA, CGMA, was honored with a prestigious Rainmaker award as the Nonprofit Certified Public Accountant (CPA) member of the year.
Presented during the Rainmaker Companies’ annual SuperConference, held in Indianapolis from May 31 through June 2, the award is given annually to a member best described as someone who is a constant source of value to other members. Other criteria include an individual who engages in group activities and contributes to the success of the alliance through leadership, collaboration and the sharing of resources and best practices.
The firm, along with 43 other regional companies, were lauded for 50+, 75+, or 100+ years in business. “We’re thrilled to again be recognized by Smart Business Magazine for our 79 years in business and more so, that we are able to serve clients, many who are multi-generational, with solid, sustainable, and practical accounting, tax, and consulting services,” said Brett Neate, CPA, Partner.
(L to R: Partners Brett Neate, Howard Kass, Sue Krantz, Gabe Adler. Not pictured, Robin Baum)
After more than three years of debate, comment, and revision, the Financial Accounting Standards Board’s (FASB) much-anticipated Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, was released on August 18, 2016.
The newly released ASU will change the way all not-for-profits (NFPs) classify net assets and prepare financial statements. To view the standard in its entirety, visit the FASB's website here.
Adoption of FASB ASU 2016-14 will result in significant changes to financial reporting and disclosures for NFPs. FASB believes the update will improve NFP financial statements and provide more useful information to donors, grantors, creditors, and other financial statement users. The standard is effective for annual financial statements issued for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018.
If you have a question about your not-for-profit financial reporting, contact us. We're ready to meet with you and start the conversation. Email firstname.lastname@example.org or 216.831.0733.