Top Concerns for Not-For-Profits in 2017May 9th, 2017 by Integrity Accounting
For not-for-profits, June 30th marks the time for year-end audits. As with most years, 2017 brings several changes to the not-for-profits tax code and many other issues. During this time, management can find themselves in a very stressful situation, or even at risk of losing their tax exempt status.
A few of the changes this year involve a new FASB not-for-profit presentation standard, which has made some of the most significant changes to the not-for-profit statement since the 1990’s. The new standard has completely changed the way in which not-for-profits report their net assets, liquidity, and cash flows. Also, the IRS has recently changed the way they review their Form 990-series returns,
“Data-driven decision-making for the Internal Revenue Service Exempt Organizations (EO) division involves running over 200 data queries on Form 990-series returns to ascertain whether a return might warrant examination.”
This increases the chance that if you make a slight error on your Form 990-series return, that it will warrant further investigation from the IRS.
These issues give not-for-profits even more of a reason to partner with an accounting professional to help them prepare for their year-end audits. Integrity Accounting has been assisting not-for-profit organizations for over a decade and has the experience needed to navigate these audits problem-free. For more information, visit the contact section of our site and fill out the form. We will contact you as soon as possible to answer any questions you may have.
We offer a wide array of services to business and individuals throughout the state of New Mexico and beyond. We provide our clients with service that doesn’t just meet expectations, but exceeds them with value-added services. We pride ourselves in offering exemplary customer service to our clients to build long lasting and productive relationships.
For more information regarding top issues for not-for-profits in 2017, click here.
Or, visit our blog regarding how to protect your tax-exempt status here.