Services: Nonprofit Tax

How to Become a Tax-Exempt Organization

By Richard J. Locastro, CPA, JD and Katelyn Miller, CPA, MST The terms “nonprofit” and “tax-exempt organization” are often used interchangeably. And while there may be considerable overlap in their definitions, there is a distinction, especially for a 501(c)(3) public charity or private foundation. As explained further below, the process to become a tax-exempt organization…

Read more ›

Current Sales & Use Tax Compliance Troubles and How to Manage Them

Are you subject to the new rules for charging and paying state sales taxes and unsure whether you’re up-to-speed? If complex sales tax regulations leave you scratching your head, you’re not alone. As of 2023, there are over 12,000 state and local tax jurisdictions, each with their own set of regulations that can change quickly….

Read more ›

Consider Possible Accounting Implications Before Creating a Joint Venture

By Susanna Chon, Senior Manager In the government contracting world, it is very common for two or more companies to create a joint venture for the purpose of bidding on federal government contracts. What many business owners may not consider are the accounting implications that entering into a joint venture agreement may bring. Typically, the…

Read more ›

Secure Act 2.0 – How the Act Will Impact Your Retirement Plan

The “Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act” is aiming to improve opportunities for retirement savings through a multitude of regulatory changes over the coming years. Its no secret that saving for retirement has been challenging for many individuals and with dwindling Social Security, the SECURE Act 2.0 has mandated a number…

Read more ›

Nonprofits and Cryptocurrencies – The Latest Accounting and Tax Landscape

As cryptocurrency grants and contributions to nonprofits continue to increase, nonprofit finance, accounting and fundraising professionals are increasingly seeking guidance on the receipt of cryptocurrency, the options for converting to cash, and the associated accounting and tax implications. Without the appropriate guidance, nonprofits will miss out on opportunities for increased revenue from crypto donors, incorrectly…

Read more ›

Prepare Now to Implement Topic 326 – Current Expected Credit Losses (CECL)

By: Susan Colladay, CPA, Partner, Audit Announced by the Financial Accounting Standards Board (FASB) in 2016, Accounting Standards Update (ASU) 2016-13: Financial Instruments – Credit Losses (Topic 326) is also referred to as Current Expected Credit Losses (CECL). The new standard improves financial reporting by requiring more timely recording of credit losses on loans and…

Read more ›

501(c)(4) vs. 501(c)(3) – Which Do I Choose?

It is important to understand the differences between nonprofit classifications when deciding between forming a 501(c)(3) or 501(c)(4) organization. The distinction between underlying exempt purpose, restrictions on lobbying and political activities, and anticipated donor composition should be considered, among other non-tax considerations.