What You Need to Know About Implementing the Changes of ASC 606: Revenue Recognition

We keep you updated with the latest news from Martin Hood and helpful information whenever there is a change to employment or tax laws.

What You Need to Know About Implementing the Changes of ASC 606: Revenue Recognition

October 1, 2018

What You Need to Know About Implementing the Changes of ASC 606: Revenue Recognition

What is ASC 606: Revenue from Contracts with Customers? In an effort to standardize how companies and industries recognize revenue, the FASB’s…

New Reporting Standard for Not-for-Profit Entities

September 20, 2018

New Reporting Standard for Not-for-Profit Entities

A new standard has been released for not-for-profit entities on August 18, 2016 (ASU 2016-14, Not-for-Profit Entities (Topic 958). The changes are…

Ruling: Clergy Housing Tax Break Unconstitutional

October 18, 2017

Ruling: Clergy Housing Tax Break Unconstitutional

In recent weeks, the parsonage exclusion for ministers of the gospel has been ruled unconstitutional in the US District Court for the…

Upcoming Changes for Not-for-Profit Financial Statements

August 18, 2017

Upcoming Changes for Not-for-Profit Financial Statements

New standards will be in effect for the financial statements of Non-Profit entities with fiscal years beginning after 12/15/17. Read up on…

Forest Fires and Internal Controls

August 9, 2017

Forest Fires and Internal Controls

Authored by Greg Douglas, Senior Manager  I recently had the opportunity to travel to Colorado with a group from my church to…

Serving on Not-for-Profit Boards

June 5, 2017

Serving on Not-for-Profit Boards

Scenario: you are invited to give your time to a worthy cause by serving on the board of directors of a local…

Deadline Approaches for Tax-Exempt Organizations

April 26, 2017

Deadline Approaches for Tax-Exempt Organizations

The due date for filing federal tax returns for calendar year-end tax-exempt organizations is Monday, May 15, 2017. With the deadline fast…

United Way Features MHFA

July 27, 2016

United Way Features MHFA

Martin, Hood, Friese and Associates has a long-standing history of being a proud supporter of United Way. Now, United Way of Champaign…

Non-profit Return Filing Requirements

April 27, 2016

Non-profit Return Filing Requirements

Non-profit organizations can be exempt from paying income and sales taxes but that doesn’t mean they are exempt from all taxes or…