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 →

Explaining -UBI

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 →


Making sense of FASB’s new accounting standard for nonprofits

The Financial Accounting Standards Board (FASB) recently released its first update to the financial reporting rules for nonprofits since 1993. The new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, will affect the financial statements of most nonprofits when it takes... Find Out More →

Warehouse worker and manager using tablet pc in a large warehouse

Take stock of your inventory accounting method’s impact on your tax bill

If your business involves the production, purchase or sale of merchandise, your inventory accounting method can significantly affect your tax liability. In some cases, using the last-in, first-out (LIFO) inventory accounting method, rather than first-in, first-out (FIFO), can reduce taxable income, giving cash flow a boost. Tax savings, however, aren’t... Find Out More →

ACA 1094 form

Deadline extended for ACA information reporting to employees (but not to the IRS!)

The IRS has again extended the deadline for employers subject to the Affordable Care Act’s (ACA’s) information reporting requirements to meet their obligations to employees. Last year, the IRS extended the 2016 deadlines for reporting 2015 information, giving employers an additional two months to provide employees Form 1095-B, “Health Coverage,”... Find Out More →

Many 2017 cost-of-living adjustments increase slightly

The IRS recently issued its 2017 cost-of-living adjustments. Because inflation remains relatively in check, many amounts increase only slightly, and some stay at 2016 levels. As you implement 2016 year-end tax planning strategies, be sure to take these 2017 adjustments into account. Individual income taxes Tax-bracket thresholds increase for each... Find Out More →

Concept of teamwork: Three jigsaw puzzle pieces on a table joint together. Shallow depth of field

Are you reporting collaborative activities correctly?

More and more nonprofits are joining forces to better serve their client populations and cut costs. But such relationships can come with complicated financial reporting obligations. Your organization’s reporting requirements will depend on the type of relationship you enter. Collaborative arrangements The simplest relationship between nonprofits for accounting purposes may... Find Out More →

September 2016 – Not-For-Profit Newsletter Newsbits

Microsoft offers nonprofits free cloud services Microsoft’s philanthropic arm has announced that it’ll donate $1 billion in cloud computing resources over the next three years to nonprofits and nongovernmental organizations worldwide. The donation is part of an initiative that includes providing a suite of Microsoft cloud services, expanding access to... Find Out More →

Audit or tax group

4 Tips to keeping board members engaged

In a recent blog post to AICPA Insights, guest blogger Tom Pender recognized the importance of not-for-profit organizations' mission and vision but then turned to galvanizing the staff and board to lead. "Having the right staff is critical and having the right board of directors is equally important. Scaling an organization’s... Find Out More →


What you need to know about estimated tax payments

Paying the proper amount of tax by the annual federal income tax filing deadline isn’t enough to avoid interest and penalties; you must also meet requirements for paying tax throughout the year through withholding and/or quarterly estimated tax payments. If you have income from sources such as self-employment, interest, dividends,... Find Out More →

File Inspection

Compliance Matters: Is your practice in the audit cross-hairs?

It’s a fact of life that physicians and dental professionals operate under an increased level of scrutiny. Increasingly, compliance checks are digging in to more than charts and coding. The IRS is paying particular attention to these hot-button compliance areas:  Worker misclassification  Is your practice classifying hired physicians as independent... Find Out More →


Major change to nonprofits’ accounting standards issued

The Financial Accounting Standards Board (FASB) has issued the first major changes to the accounting standards for nonprofits’ financial statement presentation in more than two decades. Accounting Standards Update (ASU) No. 2016-14, Not-for Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, affects just about every nonprofit, including... Find Out More →


Good news for 1023-EZ filers!

The IRS recently announced a reduced user fee from $400 to $275 for filing the simplified form for recognition of tax-exempt status, Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. Form 1023-EZ is shorter (only two pages) and more user-friendly than the regular... Find Out More →

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