Iowa Has a Section 179 Problem

By | 2018-04-17T15:31:55+00:00 April 5th, 2018|Accounting, Agriculture, Deductions, IRS, PATH, TAX, Tax Reform|

The tax filing season is well underway with deadlines coming and going and increased timing pressures. With the season comes look-backs and look-forwards. One of the biggest tax items affecting nearly every farm operation in 2018 and beyond is the IRC Section 179 Expense. The federal government has been generous with this deduction; however, Iowa [...]

5 Things for Manufacturers to Know About Tax Reform

By | 2018-04-23T08:53:04+00:00 March 29th, 2018|Accounting, Deductions, IRS, Manufacturing, TAX, Tax Reform|

Amie Kuntz, Tax Manager at TD&T CPAs and Advisors, P.C., expands on 5 tax reform items for manufacturers. Amie serves privately held businesses across Iowa, providing tax services and strategic planning opportunities. Tax reform has businesses of all kinds contemplating how it will affect them. In a sense, it’s a great catalyst to reevaluate your [...]

Employer Risks Associated with Wage Garnishments

By | 2018-04-17T10:30:58+00:00 March 13th, 2018|Accounting, Employment, Garnishment|

Jodi Kerr, Tax Principal at TD&T CPAs and Advisors, P.C., provides some insight on types of wage garnishments and possible employer risks. Many businesses are dependent on a dedicated, dependable work force. Hiring, retaining and compensating employees adds another level of challenges to a small business owner. One specific challenge involves managing employee wage garnishments. [...]

How to Account for Non-Cash Contributions as a Nonprofit Organization

By | 2018-04-17T10:29:07+00:00 March 6th, 2018|Accounting, Donation, Gifts, Nonprofit|

Dan Montgomery, CPA and Senior Assurance Associate at TD&T, explains accounting treatment for non-cash contributions. With more than ten years of experience, Dan specializes in audits of nonprofits, governmental entities, and employee benefit plans. Dan is a member of the American Institute of Certified Public Accountants and the Iowa Society of CPAs, and serves nonprofit [...]

Sales and Use Taxes: What Are Your Responsibilities?

By | 2017-10-13T15:35:34+00:00 September 21st, 2017|Accounting, Records, TAX, Uncategorized|

Lyndi DeVries, Business Services Manager at TD&T, provides some guidance regarding sales and use taxes.   State and local governments levy sales and use taxes.  For that reason, the laws regarding sales and use taxes vary broadly by state and by local government.  The involvement of so many governmental entities can make the sales/use tax [...]

Applying the New Standard

By | 2017-04-17T12:55:11+00:00 January 1st, 2017|Accounting, Nonprofit|

Accounting Standards Update No. 2016-14 is the first major update to nonprofit accounting in almost 25 years. Becoming familiar with the changes as soon as possible can smooth the transition for organizations. In implementing the new standard, nonprofits will have to make some important decisions, including: •    How to disclose information regarding the function and [...]

Nonprofit Accounting Rule Changes

By | 2017-04-17T12:55:23+00:00 January 1st, 2017|Accounting, Nonprofit|

In an effort to improve how nonprofits present their financial statements, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. This standard changes how a nonprofit organization categorizes its net assets, as well as the information presented in financial statements needed [...]

Preparing for Update to Financial Statements for Nonprofits – October 2016

By | 2017-04-24T09:23:36+00:00 October 1st, 2016|Accounting, Endowment Fund, Nonprofit|

By Joe Ryan, ISCPA Nonprofit Organizations Committee Issue No. 2016-10 published by the ISCPA In August, the Financial Accounting Standards Board (FASB) issued a new accounting standard for nonprofit organizations, improving the presentation of the net asset classification, liquidity and cash flows. The standard will be effective for fiscal years beginning after Dec. 15, 2017 (calendar [...]

FASB Issues New Guidance on Not-For-Profit Financial Reporting

By | 2017-04-21T12:18:48+00:00 August 24th, 2016|Accounting, Nonprofit|

The FASB has issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, that changes how a not-for-profit organization classifies its net assets, as well as the information it presents in financial statements and notes about its liquidity, financial performance, and cash flows. The ASU requires amended [...]

New Lease Accounting Standards

By | 2017-04-21T12:51:55+00:00 July 1st, 2016|Accounting, Lease, Nonprofit|

The Financial Accounting Standards Board recently issued Accounting Standards Update No. 2016-02. The guidance affects entities, including nonprofits, that lease assets (lessees) and is intended to improve financial reporting of leasing transactions. Under the guidance, lessees must recognize assets and liabilities for leases with lease terms of more than 12 months. This includes both finance [...]