Stay informed about the IRS’s 2025 Dirty Dozen list of tax scams and phishing schemes. Learn about the pause in IRS modernization efforts and the shift to AI-based solutions. Taxpayers need to stay vigilant as the IRS warns about the latest scams in its 2025 Dirty Dozen list. These scams, which include phishing schemes, fake …
IRS Announces 2025 Dirty Dozen Tax Scams and Pauses Modernization Initiatives Read More »
Quality matters — especially when it comes to the tools auditors rely on to ensure nonprofits stay compliant and trustworthy. That’s why Thomson Reuters has taken an important step to help CPA firms feel confident about using their Nonprofit Organization (NPO) audit resources. Recently, the 2024 edition of NPO underwent a thorough examination to check …
Understanding the 2024 Examination Report for Nonprofit Organization Audit Tools Read More »
If you work in the nonprofit sector, staying current with accounting standards can sometimes feel overwhelming. Luckily, the FASB’s Not-for-Profit Advisory Committee (NAC) is here to help make sure your voice is heard and that accounting rules reflect the unique challenges nonprofits face. In their March 2025 meeting, NAC discussed important topics that could shape …
FASB Not-for-Profit Advisory Committee Updates | Nonprofit Accounting Read More »
For nonprofits, not all income is created equal. Income that’s related to your organization’s exempt purpose generally remains tax-exempt, but unrelated business income (UBI) can trigger tax liabilities and filing requirements. Understanding which activities generate UBI—and how to manage them—helps protect your nonprofit’s tax-exempt status and avoid surprises at tax time. What Is Unrelated Business …
Understanding Related vs. Unrelated Income for Nonprofits: What You Need to Know Read More »
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