Nonprofit Blog

On September 24th, 2014, the Georgia Department of Revenue (“GADOR”) issued a new regulation (Ga. Comp. R. & Regs. 560-12-2-.115) clarifying sales tax guidance for restaurants and similar establishments. The regulation addresses prepared food sales, single-use item purchases, mandatory gratuities and a few other topics of interest.

Data Analysts for Social Good is excited to present its next Master Class. These one day intensives are designed to go deep into a single topic area with experts from the field in an intimate classroom setting. 

Smith & Howard's 9th Annual Leadership Institute kicks off Thursday afternoon, July 17, at Smith & Howard’s offices in Atlantic Station. A gathering of select accounting students from colleges and universities around the South, this two day leadership event introduces students to the typical life of an accounting professional and provides tips and guidance on networking, team skills, and recognizing and building on one’s strengths. In addition, students benefit from two panel discussions by S&H professionals – including partners and staff – on life as an auditor or advisor and life as a tax professional.

In June of 2014, FASB and the IASB issued new joint guidance that addresses one of the most important measures investors use when assessing a company’s performance and prospects — revenue. FASB’s version, communicated in ASU No. 2014-09, Revenue from Contracts with Customers, standardizes and simplifies the revenue recognition process for customer contracts across different industries and geographic locations. It also requires more comprehensive footnote disclosures for all types of public and private companies. This article provides an overview of the converged guidance, along with a brief look at the potential impact on certain industries. Note: This article, originally published September 2014 has been updated to reflect a FASB notification issued March 2015. The new revenue recognition standard takes effect for non-public entities for annual reporting periods beginning after December 15, 2018 (originally December 2017). According to Michael Cohn, Editor-in-Chief of Accounting Today (April 2, 2015), "In terms of an early adoption provision, FASB decided to permit both public and nonpublic entities to adopt the new revenue standard early, but not before the original public entity effective date (that is, annual periods beginning after Dec. 15, 2016). A public entity would apply the new revenue standard to all interim reporting periods within the year of adoption. A nonpublic entity would not be required to apply the new revenue standard in interim periods within the year of adoption."

The IRS has released final regulations implementing the Affordable Care Act’s (ACA’s) information reporting provision for large employers. The new rules — which begin to phase in in 2015 — significantly streamline the required reporting and should make it easier for covered employers to comply with these ACA requirements.

1. The top tax rate on ordinary income (including short-term capital gains) increases from 35% to 39.6% for single filers with taxable income above $400,000 and joint filers above $450,000.

If your child worked part-time this year, he or she might benefit from a Roth IRA. There is no age limit on contributions as long as the child has earned income (even if you actually provide the cash in a gift equal to the same amount). 

Time may be running out on a unique estate-planning strategy for retirees. Under a special tax-law provision, an individual age 70½ or older can transfer funds directly from an IRA to a qualified charitable organization while paying zero tax on the distribution. Such a “charitable rollover” also counts as a required minimum distribution (RMD) for tax purposes.

College tuition can be a costly proposition for many parents, but armed with a little knowledge (and professional advice) you may be able to salvage some tax benefits. In particular, there are three main tax breaks for higher education expenses. The catch: You can claim only one of them for a student on your 2013 return.