Financial, Accounting and Cyber Update
Lisa Ritter, CPA, Maher Duessel
The Tax Cuts and Jobs Act of 2017 contains a few surprises for Not-for-Profit Organizations including the fact that in many cases employee parking and other transportation benefits are now taxed. Many organizations will have to file Form 990T for the first time. Regulations for these areas have not been finalized, but we will provide an update and suggestions for how to navigate the changes.
FASB has issued several new accounting standards that have significant impacts on Not-for-Profit Organization financial statements. Many of these changes take effect within the next couple of years. We will discuss the latest developments in GAAP including implementation issues surrounding the new standards and will discuss the very newly issued ASU on Grants and Contracts.
Cybersecurity threats continue to be an important topic for all Organizations. We will provide an understanding of steps that can be taken to protect organizations and reduce risk around financial processes along with questions that management should be asking about these risks.