Indiana Department of Revenue Releases New Online Filing & Payment Portal

On September 3, 2019, for certain entities and filing types currently registered to file/pay tax online, the Indiana Department of Revenue (IDR) will release their new online e-services portal called INTIME. The new portal will only be available for the following: C Corporations, S Corporations, Partnerships, Utility Receipts, Financial Institutions, Nonprofits, and Aircraft customers. Other […]

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Associations: Avoid certain activities to preserve tax-exempt status

Nonprofit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions or “one or more lines of interest.” Whether the association is a local chamber of commerce, a real estate board or a large professional group, associations’ tax-exempt status is contingent on their sponsoring certain types of activities — […]

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FASB Proposes to Delay Effective Date of New Lease Accounting Standard

The Financial Accounting Standards Board (FASB) recently voted to propose delaying the effective date of the new lease standard from January 2020 to January 2021 for private companies and nonprofits. Under current accounting rules, entities are not required to recognize assets and liabilities related to operating leases. The new lease standard generally requires that all […]

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