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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 →

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 →

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 →

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 →

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 →

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