AMLLP_Dean_Q_on_cellphone_-v1.3

Offering our expertise, guidance and thought leadership on issues and topics that affect organizations. This section delivers articles to help simplify the complexities businesses face in an ever expanding and changing environment.

The Affordable Care Act (ACA) requires large employers and all self-insured employers to collect and report information about the health coverage they provide, starting with the 2015 calendar year. The IRS released drafts of the reporting forms for employers in July, and draft instructions are expected by the end of August.

In 2012 San Francisco voters approved complex and sweeping changes to the city’s business tax and annual business registration fees, via Proposition E. The measure replaces the existing payroll-based tax with a tax based on gross receipts and increases business registration fees, beginning this year.

On June 2, 2014, the Treasury Department and IRS released final and temporary regulations (TD 9666) for publication in the Federal Register relating to the election of the research and development alternative simplified credit (ASC).

A fascinating fad…or the next evolution of fundraising? Seems it’s what everyone is asking these days about the Bitcoins, Dogecoins and Peercoins of the cyber world. So, let’s take a look at how few early-adopting nonprofits have experienced some initial success in accepting these “cryptocurrencies” as donations.

On August 14, the IRS issued final regulations (“regs”) regarding the proper tax treatment of dispositions of tangible depreciable property under the Modified Accelerated Cost Recovery System (MACRS). The regs largely complete the IRS’s overhaul of the federal tax regs addressing the proper treatment of expenditures incurred in acquiring, producing or improving tangible assets. The final regs affect all taxpayers who dispose of MACRS property.

The Financial Accounting Standards Board (FASB) has updated U.S. Generally Accepted Accounting Principles (GAAP) to eliminate a critical gap in existing standards. The new guidance, found in Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, clarifies the disclosures management must make in the organization’s financial statement footnotes when management has substantial doubt about its ability to continue as a “going concern.” The guidance applies to all companies.

The Financial Accounting Standards Board (FASB) has issued guidance that lays out new rules for financial reporting on discontinued operations. The rules reduce the number of asset disposals that companies must present as discontinued operations in their financial statements. But they also expand the disclosures that are required when discontinued operations are reported.

It’s the classic disconnect—you provide a thorough presentation of your organization’s financials, only to be met with awkward silence by your board. Your financial statement covered it all: change in net assets, fluctuation in cash and accounts payable and a discussion of restricted assets. Yet, eyes are glazed and bodies shift uncomfortably.

The Office of Management and Budget (OMB) finalized and released comprehensive new federal grant reform guidelines on December 26, 2013. Known as the "Super Circular" or “Omni Circular," the new rules are intended to consolidate guidance on administrative requirements, cost principles and audit requirements for federal awards. These changes are currently effective for federal agencies and will become effective for grant recipients as of December 26, 2014, and for 2015 single audits (year-end December 31, 2015) and after.

On March 26, Armanino hosted a roundtable “Key Reporting and Benchmarking Best Practices for Nonprofits” for top-tier CFOs from the Bay Area’s larger nonprofit organizations. One of the key takeaways from our discussion centered around the fact that nonprofits that aren’t benchmarking their data against themselves and their peer organizations are at a disadvantage, because they’re missing out on the financial insights that benchmarking can bring. As a result, we wanted to share some basic guidelines to get your nonprofit thinking about the value benchmarking could bring to your organization.