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
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.
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.
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.
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.
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.
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.”
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.
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.