Voluntary Health and Welfare Organizations – What are They and Why is Their Distinction Important?
There are more than 25 types of tax-exempt organizations classified under 501(c) of the Internal Revenue Code.
Author Archives: Belfint, Lyons & Shuman, CPAs
Preparing for FASB’s Not-for-Profit Update
In August 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-14, Not-for-Profit Entities, with the intent of providing more useful information to donors, grantors, creditors, and other users of not-for-profit (NFP) financial statements.
Ugh… Not You Again! – Rethinking Your Relationship with Auditors
Once a year, a group of awkward auditors sets up camp in your conference room, robbing you and your coworkers of your usual lunch spot to create what looks more like an obstacle course than an office space with our tapestry of wires and clunky equipment.
Cash Rules Everything Around Me
This is a common thought running through the minds of many Controllers of not-for-profit entities, especially during times when fundraising events are being held.
Treasuring the Mission – The Role of Board Treasurer
As accounting professionals who specialize in nonprofit organizations, we’re often presented with opportunities to strengthen our clients’ financial position and, in turn, serve our communities both directly and indirectly.
Top Hat Plans Viewed Through the Looking Glass
At one point the top hat was commonly found throughout American history and pop culture. During the 19th century, it served as a symbol of freedom sitting atop President Abraham Lincoln’s head as he navigated the country through the Civil War.
Substantiation Rules Are Not Meant to be Broken
The holiday season has passed and it is now tax-filing season. During this time, charitable organizations need to make sure that they are doing everything in their power to assist their donors in following the IRS donation “substantiation rules.”
The Gift of Giving Back Could Become More Valuable…Permanently
On May 29, 2014, the Ways and Means committee approved four individual bills which would permanently reinstate three of the expired charitable giving incentives and extend the deadline through April 15 for individuals making charitable contributions.
ACA Update: Final regulations announced regarding shared responsibility
On February 13, 2014, IRS has issued final regulations that provide guidance to employers that are subject to the shared responsibility provisions for employee health coverage under Code Sec. 4980H , which was enacted by the Affordable Care Act (ACA).
Is Your Nonprofit Subject to the Employer Shared Responsibility Provisions of the New Health Care Act?
When last we saw the Winter Olympics transpire from Vancouver, British Columbia, Canada, Congress was putting the finishing touches on the 2049 pages of legislation known as the Patient Protection and Affordable Care Act (PPACA) for President Barack Obama to sign into law on March 23, 2010.