The Financial Accounting Standards Board (FASB) issues new non-profit accounting standard (ASU 2020-07) for gifts-in-kind. The new standard, which is effective for annual reporting periods beginning after June 15, 2021, doesn’t change what in-kind gifts must be recorded or the criteria to record such gifts, but does increase the financial statement transparency, presentation and disclosures of gifts-in-kind.
As of January 31, 2020, all 1023's must be filed electronically through Pay.Gov. Forms 1024 and 1024-A are not impacted by this new requirement
Starting with 2021 information returns the electronic filing threshold is reduced from 250 to 100 or more forms filed in 2022 for the tax year 2021
If passed, the bill would allow a church or other organization exempt under section 501(c)(3) to give away alcohol as a prize at a fundraising event, including a raffle, as long as it is sealed and in the original container