For nonprofits, quid pro quo isn’t a simple exchange
Donors may automatically assume they can deduct the full amount of any charitable contribution. But what if your nonprofit provides goods or services in exchange for donations?
Could the Work Opportunity Tax Credit help your construction company?
The Work Opportunity Tax Credit can lower your construction company’s tax bill dollar-for-dollar. Here’s a simple overview of how it works.
How inflation could affect your financial statements
Costs are rising at levels we haven’t seen for decades. As you factor the effects of inflation into your financials, look beyond the income statement. Other aspects of your financial statements that might be hit by today’s high rate of inflation include inventory, acquired goodwill, investments, foreign currency transactions, long-term leases and variable-rate loans. These changes may have income tax consequences. And inflationary pressures can even lead to going concern issues. Contact us for help anticipating how inflation is likely to affect your company’s financials and brainstorming ways to manage inflationary risks.
Proposed regs for inherited IRAs bring unwelcome surprises
The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions.
Support your nonprofit’s financial plans with board designations
Should your nonprofit board designate unrestricted assets? Board-designated assets can provide a foundation and help ensure that funds are available when you need them. However, there are responsibilities involved.
Management letters: Follow up on your auditor’s recommendations
Take your audited financials to the next level by implementing the improvements contained in the management letter.
After tax day: Take these action steps
With the April tax filing deadline in the rear view, now is the time to take certain tax-related action steps in preparation for next year.
Making your return to in-person fundraising successful
Planning an in-person fundraiser for the first time since the start of the pandemic? Be more careful than usual, especially given current inflation rates and nonprofit staff shortages. Here are some additional tips.
Congress eyes further retirement savings enhancements
SECURE 2.0 passed the U.S. House with strong bipartisan support. While the Senate is working on its own bill, learn about the provisions of the House’s version.
Classify your nonprofit’s workers correctly — or risk repercussions
Does your nonprofit rely on contractors to get the work done? Make sure these workers are classified accurately or you may face federal scrutiny and financial penalties.
Timing counts: Reporting subsequent events
In today’s marketplace, conditions are ever-changing. By the time you issue year-end financial statements, you may be dealing with a major development that’s affecting your company’s performance. Which developments must be recognized or disclosed in your financials?
Conflict-of-interest policies: It’s about trust
Your nonprofit needs a conflict-of-interest policy. Good governance demands it, your stakeholders expect it and even the IRS wants to know how you prevent conflicts.