Nonprofits must manage their financial and accounting records even though they are not subject to income tax. This includes preparing financial statements, collecting payroll taxes, projecting budgets and tracking performance. If nonprofit accounting procedures are not monitored, they can become inefficient over time. Here are some suggestions for policies that your nonprofit should review on
Tag: nonprofit accounting
IRS Offers Nonprofits New Transportation Benefits Guidance
The Tax Cuts and Jobs Act (TCJA) dealt several blows to the nonprofit sector. One of them is that, effective January 1, 2018, nonprofit employers are subject to tax on transportation fringe benefits provided to employees. The IRS recently released Notices 2018-99 and 2018- 100 to provide guidance on this issue.