Not-for-Profit

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No not-for-profit wants to turn down donations — particularly if they’re large. But, you need to decide is a donation worth bad publicity? Bad publicity, particularly if it hits social media and goes viral, can be far more expensive for your organization in the long run.
Many businesses shut down due to the pandemic and the economy. However, going out of business tax obligations need to be met. First, a business must file a final income tax return and other related forms for the year it closes its doors.
There are thousands of grants and millions of dollars available to nonprofits from the federal government, states, foundations and other sources. Getting the grant you need generally requires you to submit a thorough, professional, and compelling grant proposal.
The 2022 Report to the Nations from the Association of Certified Fraud Examiners reports that not-for-profits are the least likely type of organization to experience occupational fraud. And nonprofit fraud controls can be inexpensive to put into place. For example, a code of conduct, mandatory vacations, fraud training for employees,
How effective are your nonprofit grant proposals? If you aren’t meeting with much success, you may need to change tack. Here’s how to research the grant, support your proposal and avoid pitfalls. 
Nonprofit board designated assets refer to funds that haven’t been restricted by donors but are subject to self-imposed limits on their use. They’re typically intended to ensure that funding is available when needed.
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.
The IRS recently announced the HSA amounts for 2023, which have been adjusted for inflation. High inflation rates will result in next year’s amounts being increased more than they have been in recent years.
Tax rules for charitable donations aren’t static. In fact, rules that allowed nonitemizers to deduct up to $300 in 2020 and 2021 have lapsed for 2022. Your nonprofit should help donors understand current rules. Although most charitable donors aren’t primarily motivated by potential tax breaks, they still need to know
Should you switch from a C-Corporation to S-Corporation?  If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.
Believe it or not, the federal government is helping to pick up the tab for certain business meals. To help struggling restaurants during the pandemic, the Consolidated Appropriations Act temporarily doubled the business meal deduction for 2021 and 2022.
Typically, businesses want to defer recognition of taxable income into future years and accelerate deductions into the current year. However, sometimes would it be prudent to do the opposite and maybe accelerate and defer?  And why would you want to?
VIDEO: If your business doesn’t already have a retirement plan, now might be a good time to explore the benefits of a tax-favored retirement plan. Current retirement plan rules allow for significant tax-deductible contributions.
A regular audit can reassure donors and other stakeholders that you take seriously your responsibility. Advance audit preparation can make the process a success.
Company owners frequently ask what costs are deductible if their spouse accompanies them on a business trip. One must remember that the rules for deducting a spouse’s travel costs are very restrictive unless your spouse is a bona fide employee.  This requirement prevents tax deductibility in most cases. 
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