Our Voice.

Change is an inevitable part of life. Over the last few years, the Financial Accounting Standards Board (FASB) has issued several accounting standards updates (ASUs) that will result in changes to financial statements. One such pronouncement, ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, will change several aspects of the… Continue reading

Volunteers make the non-profit world go ‘round. Can you imagine a world without volunteers, committee members, and nonprofit boards? Without the selfless contributions of these loyal individuals, some of the greatest events and organizations would cease to exist. Though these individuals are not being paid for their time, there are some tax benefits that may… Continue reading

Arkansas has passed a law change with a revision to the rules about when an exempt organization must collect sales tax if it considered to be competing with a for-profit business. This act was H.B. 1221, which will be effective 90 days after the adjournment of the 2017 Arkansas Legislature. As the previously posted blog… Continue reading

Like-Kind Exchanges, also known as 1031 Exchanges (for the relevant code section under the Internal Revenue Code) have long been used to defer taxation of gain from the sale of real estate used for business or held for investment. Section 1031 gives you this tax deferral if you reinvest the proceeds from the sale of… Continue reading

The Arkansas legislature has started 2017 with tax legislation that will affect many Arkansans. These changes will impact everything from retirement benefits to audiobooks downloaded from the Internet. House Bills 1159 and 1162 are the two major bills that have been enacted so far. House Bill 1159 will lower personal income tax rates for tax… Continue reading

Business owners must elect whether to report taxable income using the cash method or accrual method of accounting for their tax returns. This election is made when you file your first tax return for your business. Most individuals and many small businesses who do not have inventory choose the cash method over the accrual method… Continue reading

This is the final blog post in our series on not-for-profit board composition and communication based on survey results from 43 members of management and the boards of directors of not-for-profit organizations throughout Arkansas. Our previous posts in this series introduced the purpose of the survey and summarized the results of the survey related to… Continue reading

This is the fourth blog post in our series on not-for-profit board composition and communication based on survey results from 43 members of management and the boards of directors of not-for-profit organizations throughout Arkansas. Our previous posts in this series introduced the purpose of the survey and summarized the results of the survey related to… Continue reading

This is the third blog post in our series on not-for-profit board composition and communication based on survey results from 43 members of management and the boards of directors of not-for-profit organizations throughout Arkansas. Our previous posts in this series introduced the purpose of the survey and summarized the results of the survey related to… Continue reading

This is the second blog post in our series on not-for-profit board composition and communication based on survey results from 43 members of management and the boards of directors of not-for-profit organizations throughout Arkansas. We introduced the purpose of the survey in the first blog of this series. Below is a summary of the results… Continue reading