Not-for-Profits and the Current Expected Credit Loss (CECL) Model

The current expected credit loss (CECL) model, introduced by FASB in ASU 2016-13, aims to simplify US GAAP and recognize credit losses more promptly. It addresses the limitations of the previous model by requiring immediate recognition of estimated expected credit losses based on historical data and current economic conditions. Not-for-profits, specifically, will appreciate that the CECL model excludes contributions (pledges) receivable.

New Threshold for Electronically Filing Information Returns

As of January 1, 2024, the IRS is enforcing a new threshold for filing information returns.

Explore the Benefits of Outsourced Accounting Services

As innovation continues to accelerate, nonprofits need real-time financial and operational information to make the decisions to strengthen their missions. If your organization is attempting to achieve everything internally, it's time to find a partner who can provide the outsourced people, proven processes, and software solutions to handle your finances so you and your team can focus on strategy.

What a year for Strategic HR!

Clark Schaefer Hackett (CSH), a Top 100 accounting and advisory firm, is pleased to announce its expansion to a new Blue Ash, Ohio office. The firm has seen tremendous growth, passing the $100 million threshold for the first time recently.

Following the acquisition of Strategic HR in May 2021, CSH enhanced the Blue Ash workspace while also making plans for a larger office to accommodate growth.

2024 Cost-of-Living Adjustment Figures Unveiled by the IRS

As the year draws to a close, year-end tax planning for 2023 dials up. Now that the IRS has announced the 2024 cost-of-living adjustments, affecting over 60 tax provisions, it’s time to consider how this next round of adjustments affect your tax situation. Tax brackets, alternative minimum tax, education and child-related breaks all have changes in store for 2024.