Blog Category: News and Tax Blog

California $800 Franchise Tax: Swart Case a Win for Taxpayers

Buddy Newton, CPA, CVA Tax Manager,

The California Tax Code imposes two parallel taxes on corporations, a franchise tax and an income tax. The franchise tax is imposed on corporations that are considered to be “doing business” in California.  Such corporations are subject to the $800 annual franchise tax regardless of whether they had income or not. In 2013 Swart Enterprises,  … Read more

  Filed under: News and Tax Blog

4 Steps to Organizing Your Tax Documents

Buddy Newton, CPA, CVA Tax Manager,

Organizing Tax Documents: Have a system other than the shoebox It's that time of year again, but no need to worry! Following these four steps can make gathering the files needed for your tax return less stressful and more efficient.    1.  Collect and organize tax documents.   Develop a filing system that works for  … Read more

  Filed under: News and Tax Blog

How to score a home run with your board meeting minutes

Steve Hochstetter, CPA/ABV®, CFF™, CVA, Audit Partner,

Home Run

Minutes of your board’s meetings may seem like a mere formality, but they’re much more than that. Board meeting minutes reflect on your board of directors and your organization’s actions. Savvy nonprofits don’t bunt their way through creating these documents — they try to hit them “out of the park.”  Here are some best practices  … Read more

  Filed under: News and Tax Blog, Not-for-Profit Newsletter

February 2017 – Not-for-Profit Newsletter Newsbits

Jamie Meidinger, CPA, Senior Audit Manager,

Nonprofits warned about email scam According to published reports, more than two dozen Virginia organizations, as well as organizations around the country, received emails from an individual in England, unknown to the organizations, offering an approximately $30,000 donation.  Here’s how the check-kiting scheme works: After receiving the original email, the nonprofit gets a check for  … Read more

  Filed under: News and Tax Blog, Not-for-Profit Newsletter

Your nonprofit’s bylaws: Those golden rules may need more than polishing

Ellen Fisher, CPA, Audit Partner,

Rules - Bylaws

Has your organization outgrown its bylaws? Sometimes, as a nonprofit expands and matures, the guiding rules set when it was just a twinkle in its founders’ eyes need to be revisited and brought up to date.  Revising your bylaws involves more than just altering the language of rarely visited documents. The process provides you with  … Read more

  Filed under: News and Tax Blog, Not-for-Profit Newsletter

When investment income counts as UBI

Doreen Merz, CPA, Senior Tax Manager,

Explaining -UBI

Dividends, interest, rents, annuities and other investment income are generally excluded when calculating unrelated business income tax (UBIT). But tax law provides two exceptions where such income will indeed be deemed taxable. And with IRS scrutiny of unrelated business income intensifying these days, nonprofits need to know about these potential pitfalls. 1.   Debt-financed property  … Read more

  Filed under: News and Tax Blog, Not-for-Profit Newsletter

IRS warns of scam targeting payroll and human resource departments

Blog Administrator,

Hand coming out of laptop screen stealing wallet. Concept of internet theft.

WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry today renewed their warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 from company payroll or human resources departments. This week, the IRS already has received new notifications that the email scam is making its  … Read more

  Filed under: News and Tax Blog, Small Business, Small Business Blog