Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major [...]
Tax Law Background A divorce decree establishes each spouse’s rights under state law. It may allow one to recover against the other through a right of contribution. However, it does not control their tax liabilities [...]
On June 7, 2017, the U.S. Department of Labor (DOL) withdrew a 2015 administrative interpretation on classifying workers as employees or independent contractors. The withdrawal became effective immediately. Despite the withdrawal of this guidance, employers [...]
Did you know that auditors don’t just audit financial statements? In fact, there are a variety of levels of financial statement services provided, including compilations, reviews, and of course, audits. While many Organizations are required [...]
On August 18, 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-14, Not-For-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, which simplifies and improves a not-for-profit organization’s: Classification of its [...]
Any Organization that invests assets should have a well-written investment policy statement (IPS). A clearly defined IPS is central to the idea of good governance of any nonprofit. It is a document that outlines overall [...]
You’ve probably heard it before: People don’t give to causes — they give to those asking on behalf of a cause. That’s why a personal appeal continues to be such a powerful not-for-profit fundraising tool. [...]
Interest in not-for-profits’ governance practices from lawmakers, watchdog groups and the general public has been growing in recent years. If your board hasn’t reviewed its roles and responsibilities recently, now is a good time. Three Primary [...]
In recent years, the IRS has increased its scrutiny of not-for-profits’ unrelated business income (UBI). Dividends, interest, rents, annuities and other investment income generally are excluded when calculating unrelated business income tax (UBIT). However, there [...]
According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the [...]
Recent Comments