Beware of Ransomware Attacks

Businesses, payroll departments, human resource organizations and taxpayers may fall victim to ransomware attacks. A recent Colorado Springs Business Journal article shared one local company’s recent experience with “ransomware agony.”  To prevent ransomware attacks from happening to you or your business, the IRS recommends talking to an IT Security expert... Find Out More →

Protect your Professional Practice from Theft with Adequate Internal Controls

We’ve previously published several articles in our blog, Practice Elevations, related to the need for adequate internal controls to prevent theft in medical and dental practices.  Because of evidence that theft is increasingly common in small businesses, including professional practices, with the amount of losses also on the rise, we... Find Out More →

Eight tips for writing, or revising, a whistleblower policy

Whistleblower policies encourage staff, volunteers and others to discreetly provide credible information on illegal practices or violations of organizational policies. They protect individuals who risk their careers or take other kinds of risks to report illegal or unethical practices. According to its Report to the Nations, the Association of Certified... Find Out More →

Choose the Best Way to Reimburse Employee Travel Expenses

If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses. To secure tax-advantaged treatment for your business and your employees, it is critical to comply with IRS rules.  Reasons to Reimburse While unreimbursed work-related travel expenses generally are deductible on... Find Out More →

Hiring? A New I-9 Form is Required

Employers to use the New I-9 Form The U.S. Citizenship and Immigration Services (USCIS) has released a revised version of the Form I-9 (Employment Eligibility Verification). Employees must begin using the new version to verify a new hire's identity and work authorization by September 18, 2017. In the meantime, employers have the option... Find Out More →

Fraud and the Nonprofit: How to counter your vulnerabilities

Every organization, whether for-profit or nonprofit, is at risk of falling victim to costly acts of fraud. Nonprofits, though, have some common characteristics that make them particularly susceptible to such schemes. Fortunately, you can help combat the risks at your nonprofit by implementing some simple controls. Weak spots Nonprofits tend... Find Out More →

Senior Property Tax Exemption Reinstated

The Colorado General Assembly has reinstated funding for the Senior Property Tax Exemption, also known as the  Senior Homestead Exemption, for tax year 2017, payable in 2018. Consequently, some senior citizens may qualify to have 50 percent of the first $200,000 of the actual value of their primary residence exempted... Find Out More →

When should you report grant and contribution revenues?

When the Financial Accounting Standards Board’s (FASB’s) new revenue recognition standard was released in 2014, it caused quite a stir across industries. But the standard applies only to revenue from “exchange transactions,” also known as reciprocal transactions. Contributions to nonprofits are nonreciprocal, and your grants may be, too — meaning... Find Out More →

February 2017 – Not-for-Profit Newsletter Newsbits

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... Find Out More →

When investment income counts as 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... Find Out More →

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