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. Board-designated funds also can play a role in fundraising by demonstrating an organization’s commitment to a specific plan or program.
New Federal tax law changes are set to take place that could significantly increase the tax liabilities for companies that take part in research and development (R&D) activities.
The research and development – R&D credit, is a tax break for eligible businesses. The credit calculations require complex calculations, which we can take care of for you. But in addition to the credit itself, the credit also has several valuable features for small businesses.
Even before COVID-19’s impact on businesses, remote selling for manufacturers was becoming a “new normal.” For several years prior to COVID-19, there was a trend toward digital interactions that were accelerated by the social-distancing environment and now may become permanent.
The Great Resignation has hit not-for-profit organizations hard, and recruiting NFP staff will most likely require you to up your recruiting game. As many for-profit businesses have raised pay and hiring incentives to hire new staff, nonprofits have lost staff.
Despite COVID-19 and other roadblocks, your nonprofit needs financial resilience for the upcoming year and beyond. Forecasting can be difficult, but your staff and the board’s finance committee have ways to deal with obstacles. Here are three suggestions:
On September 24, 2021, the Minnesota Department of Revenue announced that their worksheet for calculating the Minnesota standard deduction limitation had been incorrect in their Instruction Booklet for both tax years 2019 and 2020.
Whether your not-for-profit continues to hold videoconference board meetings or is back to in-person gatherings, you don’t want to waste members’ time. The key is good planning.
While preparing for a business audit, an IRS examiner generally researches the specific industry and the taxpayer’s return issues. In addition, examiners may use IRS “Audit Techniques Guides (ATGs).”
The Wisconsin governor signed the 2021-2023 biennial budget bill that makes some changes to personal income tax, corporate income tax, partnership changes, sales tax, and property tax.
As states open for business and the need for social distancing recedes, your not-for-profit organization may want to think about scheduling an in-person retreat for your board of directors.
Benchmarking is widely used by for-profit companies but sometimes is overlooked by charities and other nonprofits. A not-for-profit organization should be committed to benchmarking because it offers many benefits, including long-term sustainability.
Fraud and embezzlement schemes cost not-for-profit organizations more than just money. The hit to a group’s reputation may scare off donors, grantmakers, and other supporters.
If your charity or association depends financially on membership fees, you know that non-renewals are a cause for concern. During this time of economic and occupational insecurity, you may be experiencing membership drop-offs and some anxiety about your organization’s future.
In this pandemic year, many not-for-profits are scrambling to find new revenue sources to replace donor contributions and other lost income.
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