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Huth Thompson LLP

Posts by Kimberley Morisette

Accounting Lease Standard Soon to Take Effect

We have been talking (since 2013) about changes to lease accounting standards and now they are here! Approved by the Financial Accounting Standards Board,¬†Accounting Standards Codification Topic 842 (ASC 842) Leases presents dramatic changes to how lease transactions are accounted for in your financial statements. This standard is effective beginning with 2020 calendar year-ends for…

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The Tax Cuts and Jobs Act and Nonprofit Entities

The “Tax Cuts and Jobs Act” (TCJA) has a far-reaching impact to nonprofit entities that was not publicized until December 2018. Embedded in the TCJA were items regarding non-deductible parking fringes. In this verbiage, nonprofits were mentioned and on December 10, 2018 the IRS provided guidance to assess the impact on nonprofits that provide parking…

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