The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update (ASU) intended to update and improve existing standards for not-for-profit organizations financial statements. The goal is to provide better information to donors, creditors, and other users.
The ASU sets forth the FASB’s proposed improvements to current net asset classification requirements and information presented ... Read More ›
The Urban Institute has experienced a breach in security. While Legacy Professionals LLP does not utilize this program, we understand several of our clients do when filing tax forms, such as the 990-N. Fortunately, these tax forms do not contain sensitive information, such as social security numbers or credit card information, and the Director for ... Read More ›
IMPORTANT – The Internal Revenue Service has issued new Form 8922 which replaces the ‘Third Party Sick Pay Recap” that was previously filed on a Form W-2 and W-3 to reconcile employment tax returns with forms W-2 when third-party sick payments were made. This new form is filed with the Internal Revenue Service and it is ... Read More ›