Identity theft occurs when someone wrongfully obtains and uses another person's personal information, such as their name, Social Security number, credit card accounts, or other confidential data, and uses it to commit financial fraud or engage in other criminal activities while impersonating the victim.
Sponsorship and advertising can provide a real boost to your not-for-profit’s income. However, if sponsors or advertisers receive a “substantial benefit” or if providing benefits isn’t a related business activity, you may owe unrelated business income tax (UBIT).
VIDEO: If you're a business owner who mistakenly claimed the Employee Retention Credit, find out how the new IRS Voluntary Disclosure Program can help you rectify the situation. Discover the eligibility criteria, benefits, and application process in our informative video.
In recent years, the IRS has increased its scrutiny of nonprofit compliance. Failure to file Form 990 for three consecutive years can lead to automatic exempt status revocation, and other violations can trigger IRS investigations.
Term limits for not-for-profit board members can be a double-edged sword. They can allow you to easily let go of unsuccessful board members, but they also can cause you to lose the best sooner than you’d like.
A cost segregation study might allow you to accelerate depreciation deductions on certain items, reducing taxes and boosting cash flow. Under current law, the potential benefits of a cost segregation study are now even more significant than they were a few years ago.
VIDEO: Nonprofit board service can be as exhausting as it is rewarding. Whether you are on a board yourself, thinking about joining a board, or seeking to improve the one you sit on, here are three things that high-functioning nonprofit boards get right.
Nonprofits whose states or municipalities have passed pay transparency laws must comply by, for example, revealing salary ranges in job postings. But even if you’re not required to, consider adopting these practices.
If your not-for-profit focuses the majority of its fundraising energy on the holiday season and year-end period, you may risk cash-flow problems. A solid fundraising commitment plan can help you make fundraising an ongoing process.