Feb 17, 2022 | Not-for-Profit
The regulations on nonprofit auditing vary from state to state. There are federal laws that mandate audits for certain nonprofits too. First and foremost, you should educate yourself on the laws in your state and investigate whether you are legally required to undergo...
Nov 22, 2021 | Not-for-Profit
Charity Navigator is the world’s largest independent evaluator of nonprofit organizations. In July of 2020, the organization released the Encompass Rating System which now allows it to evaluate smaller nonprofit organizations that do not meet the revenue and...
Nov 2, 2021 | Not-for-Profit
Few people start a career in the nonprofit sector because they love finance. However, the higher you rise in your organization, the more you need to know about accounting and budgeting. The first thing you need to understand is the yearly accounting cycle, which...
Oct 12, 2021 | Not-for-Profit, Tax News
The rules governing the deduction of charitable contributions can be pretty strict. However, legislation has relaxed a number of them as long as donors take advantage of them by the end of 2021. So, both individual and businesses taxpayers should get up to speed on...
Aug 31, 2021 | Business Planning, Closely Held Business, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Personal Financial Planning, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
In COVID Tax Tip 2021-123, the IRS clarifies some of the confusion surrounding the powerful but complex Employee Retention Credit. The IRS is addressing changes made by the American Rescue Plan Act of 2021 that apply to the third and fourth quarters of 2021. ...
Aug 24, 2021 | Not-for-Profit
Nearly all organizations that are recognized as tax exempt by the IRS must file Form 990 or another form in the same series annually. Organizations making less than $200,000 in revenue and having less than $500,000 in assets must file Form 990-EZ, and organizations...
