Many people think that nonprofit organizations (NPOs) are immune to changes in regulations affecting income tax.
In September 2015 the IRS proposed regulations that would change the gift substantiation rules.
In an effort to better serve the nonprofit community, the AICPA’s governing Council voted to broaden Section membership requirements for non-CPA Associates. Those who have management or governance responsibilities with respect to a nonprofit, including those who serve as board members or as volunteers, are eligible to join the AICPA as a non-CPA Associate.
Nonprofits have enough to worry about when it comes to funding and running the organization. The greatest benefit in hiring an intern is it does not need to cost anything at all.
By Jonathan Moll, CPA – Keeping your finger on the pulse of emerging issues is critical in managing IRS compliance with exempt organization regulations.
Posted by Jonathan D. Moll, CPA I was somewhat relieved that April 1st fell on a Sunday this year. This meant that the volume of intra-office April Fool’s pranks was greatly reduced. I did not have to exercise extreme caution when opening my desk drawer. Nor did I have to verify the authenticity of emails from the office manager claiming … Continued
Posted by Saaib Uppal Who came up with the proverb, “You can’t have your cake and eat it too?” While history doesn’t give a definitive answer, we can start by checking the archives of the Internal Revenue Code. Why, you ask? Well, I was recently asked if someone could deduct a charitable contribution for donating the right to use their personal vacation home for 1 … Continued
Posted by Chris Ciminera It is customary for nonprofit organizations to occasionally hold an event to raise funds to further its mission or for other charitable purposes. I know specifically that one of our clients, a church organization, holds a fundraiser each year in which all proceeds from the event benefit charitable organizations throughout the community. I received a specific … Continued
Posted by Jonathan D. Moll, CPA Donations of services can be useful to your organization during tough economic times. But should you record them in your financial statements? And, if so, what amounts should you assign? FASB Accounting Standards Codification (ASC) 958, Not-for-Profit Entities, specifies when a nonprofit should recognize the fair value of services in its financial statements. There are two … Continued
Posted By Saaib Uppal, Staff Accountant If you are managing a nonprofit company that carries an accountable plan for employee business expense reimbursements, you should ensure that you are in compliance with IRS requirements. Not being so will leave you at risk of having to add reimbursed expenses as earnings on the employee’s W-2 form. Below is a quick summary … Continued