Your organization’s lawful gambling fund is having a record year. Business is booming, everything is looking up until you realize the increase in profits will cost you an absurd amount in income taxes at year-end. You have two months until […]
Not-for-profit
Nonprofits do some awesome things in our communities: they serve people in need, promote arts and creativity and help build a more unified community. With all these great things they are doing, deciphering Generally Accepted Accounting Principles (GAAP) is the […]
Not-for-profit accounting is challenging. It has several unique quirks, and it is constantly evolving. These factors add increased complexities to an already difficult industry and put pressure on financial leaders of not-for-profits to keep current on technical trends and regulations. […]
IRS compliance can be confusing for a non-profit. Failing to file, or filing the incorrect form can have serious consequences. This, of course, begs the question, which IRS Form 990 should my non-profit be filing: a 990-N, 990-EZ, 990, 990-PF, […]
How COVID-related legislation changes thresholds For many nonprofits, they received more federal funding in 2020 than ever before because of the ongoing COVID-19 pandemic. Between the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Coronavirus Response and Relief Supplement Appropriations […]
Are you thinking “Our non-profit is a tax-exempt organization so why should we have to pay taxes?” When a tax-exempt organization has income that is not related to their exempt purpose it might be required to pay taxes. An organization […]
It is no secret that the IRS has had its struggles since the pandemic hit. From erroneously revoking charitable status of numerous nonprofits to lengthy delays in processing returns, the IRS remote work environment, like with most institutions, has presented […]
Most of us are familiar with the statement “100% of nonprofit donations should go directly towards those in need.” From a donor’s perspective, that is an enviable goal. However, from an accounting perspective, we know 100% is not reasonable. Almost […]
By Will Bates, CPA For-profit investors need to examine how a not-for-profit entity is involved in a potential deal structure, as it may create a tax trap referred to as a tax-exempt use property. This creates an unfavorable situation for […]
By Elizabeth Barchenger, CPA 2020 was the year of the pandemic and for many nonprofits that meant receiving a lot of new unique funding. The federal government, local governments, and many nonprofits and foundations awarded a massive amount of additional […]
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