Category: Tax

Navigating the New Meals and Entertainment Deductions under TCJA

By: Marc Neri, EA, CVA | Supervisor, Tax It is common for businesses to dine and entertain clients, vendors, and potential employees as part of their efforts to maintain beneficial business relationships. While these expenses are both common and allowable, the related tax benefits may be long gone thanks to tax reform.1 In 2017, Congress…

Read more ›

Avoid Penalties Under Unclaimed Property Laws with Best Practices for Compliance

By: Janna Goudarzi, CPA | Nonprofit Tax Manager All 50 states have unclaimed property laws (also known as escheat laws) that require organizations to make reasonable efforts to contact those to whom they owe money or property and then remit any unpaid items to the state. These rules generally apply to all entities, including exempt…

Read more ›

A Revised Fundraising Strategy Can Help Nonprofits Reduce the Impact of TCJA on Charitable Giving

By: Jorge Estrada, CPA | Nonprofit Audit and Tax Senior Manager The Tax Cuts and Jobs Act (TCJA) passed at the end of 2017 made the most far–reaching changes to the tax code since 1986. While many in the nonprofit industry believe the changes in the tax law are creating a more challenging environment for…

Read more ›

TCJA Offers Innovative Ways to Deliver Client Service

By: Stephen Boisvert, CPA, MST, CExPTM | Tax Manager It should be no surprise that the topic of the day in the field of income taxes is the Tax Cuts and Jobs Act (TCJA). Like other tax reform packages in the past, the TCJA is a mixed bag of legislation. Some of it will affect…

Read more ›

Unrestricted Net Assets and Key Financial Ratios Help Nonprofits Focus on their Financial Health

By: Michael Shaffer | Nonprofit Audit Manager In my 18 years as an auditor of nonprofit organizations, I have sat in a large number of offices for meetings with my clients. I always enjoy seeing how folks have their offices decorated, but one office stands out to me more than others over the years. This…

Read more ›

Compliance Best Practices for Reporting Fundraising Events on the Form 990

By: Katelyn Miller, CPA | Nonprofit Tax Manager Both exempt organizations and readers of the Form 990 often question the presentation of fundraising events on the return. Because the Form 990 presents revenue and expenses in a unique way on Schedule G, Part II, it is common to report a net loss from such events. Fundraising events…

Read more ›

Employers Should Review and Implement the Latest Revisions to the Form I-9

U.S. Citizenship and Immigration Services (USCIS) released a revised version of Form I-9, Employment Eligibility Verification on July 17.  Click here to download the revised form. Form I-9 is used for verifying the identity and employment authorization of individuals hired for employment in the United States. All U.S. employers must ensure proper completion of Form…

Read more ›

The Role of the Form 990: Developing a Strategy for Managing Your Charity’s Rating

Just like in business, competition in the nonprofit sector is evolving each year. These days, individuals are continuously solicited over social media to volunteer and support various charities. Would-be donors are encouraged by the media and watchdog groups to be more conscious about how the money they give is ultimately used. Charity Navigator, Great Nonprofits…

Read more ›

Foreign Bank Account Reporting – New Due Dates and Recently Announced Extensions

The FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (FBAR), is filed by taxpayers (both individuals and entities) that have a financial interest in, or signature authority over, a foreign financial account.  In prior years, the FinCEN Form 114 required filing by June 30 to report foreign accounts for the previous calendar year…

Read more ›

The Potential Impact of Tax Reform on Exempt Organizations

With a new administration taking office, tax reform is a topic that has received a lot of attention.  While what will ultimately pass and be signed into law is anyone’s guess at this point, there are a number of potential provisions that could have an impact on charitable giving and ultimately, on the tax-exempt sector….

Read more ›