Don’t forget to file form 8282 if donated property is later sold!

Christian Shaeffer Non Profit Exempt Organizations Leave a Comment

Many non profit exempt organizations receive donated items of property from generous donors. It may be a piano, car, artwork, or other items valued at more than $500. if these items are later disposed of for consideration (sold for money), IRS form 8282 may be required. This form is used by the IRS to better track donated items in which …

FASB Financial Statement Project

Christian Shaeffer Non Profit Exempt Organizations, Uncategorized Leave a Comment

The new standards from the Financial Accounting Standards Board (FASB) will go into effect for annual financial statements issued for fiscal years beginning after Dec. 15, 2017, and for interim periods within fiscal years beginning after Dec. 15, 2018. It’s a good idea to plan now to ensure transactions are recorded correctly starting with the new year.  The new standards …