Nonprofits increasingly turn to outsourced accounting services
Linda J. Kramer, CPA, MBA Accounting & Auditing Director Outsourcing of accounting and bookkeeping support services is an increasing trend in many nonprofit organizations. Driven by several factors, outsourcing is a confluence of trends impacting nonprofits. ...Nonprofit’s statement of functional expenses provides crucial information about mission execution
By Jayme F. Moore, CPA Vice President & Director Under Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, nonprofit organizations are required to present the relationship...Massachusetts implements charitable giving tax deduction
Massachusetts has revived the charitable giving tax deduction for state income tax filers for the 2023 tax year, so taxpayers will have an additional tax break when they file their returns next year. And the commonwealth’s nonprofits are happy about the prospect that it may encourage more charitable giving.