Ongoing IRS Oversight Challenges Noted With Form 1023 and Form 1023-EZ
Posted by admin on Jun 30, 2019 10:48:59 PM
In her latest report, the National Taxpayer Advocate, Nina E. Olson, says that the IRS still isn’t asking for enough information on the simplified Form 1023-EZ to ensure organizations using the form actually qualify for the exempt status. Further, a soon to be released revised Form 1023 runs the same risk.
Read MoreFoster Gift Matching at Your Nonprofit
Posted by admin on Jun 13, 2019 12:00:00 PM
When a corporate partner agrees to match the value of a donor’s gift, you can quickly double your organization’s gain. Are you doing everything you can to educate your financial supporters and their employers about matching gifts?
Read MoreMaximize the Potential of your Internal Audit Function
Posted by admin on May 30, 2019 11:00:00 AM
The key role of a not-for-profit’s internal auditors was once limited largely to testing financial and compliance controls and reporting their findings to the organization’s leadership. But today, with their cross-departmental perspective, internal audit staff (whether employees or outside consultants) can help anticipate and mitigate a variety of risks, improve processes — and even help evaluate your nonprofit’s strategies.
Read MoreHow to Regain Tax-Exempt Status after Automatic Revocations
Posted by admin on May 16, 2019 8:00:00 AM
If your organization neglects to file the required annual forms with the IRS for three consecutive years, you will lose your tax-exempt status. Loss of your tax-exempt status will likely mean loss of donors, so it is imperative that you take action to reinstate your status immediately. Use the steps we’ve outlined below to reclaim your nonprofit designation.
Read MoreDistinguishing Between Sponsorship and Advertising Incomes, and Paying Proper Taxes
Posted by admin on May 2, 2019 2:06:26 PM
While you are able to supplement your usual income-producing activities with sponsorships and advertising programs, it’s important to understand the possible tax implications of income from these outside sources.
Read MoreFinding the Perfect Bookkeeper for Your Organization
Posted by admin on Apr 16, 2019 11:13:32 AM
The perfect bookkeeper will seamlessly handle your day-to-day accounting functions, but finding this person can be difficult. Be sure to consider your organization’s needs before actively starting your search.
Read MoreReporting Donations at Your Nonprofit
Posted by admin on Apr 4, 2019 12:57:59 PM
Hopefully your organization already ensures that donors receive a receipt with information about claiming a charitable contribution deduction on their tax return. Did you know that your obligations may go further than that? For noncash donations, you might have responsibilities related to certain tax forms.
Remove "Employee Parking" Signs by March 31
Posted by Jennifer Solot on Feb 28, 2019 3:50:50 PM
By now you probably know that the Tax Cuts and Jobs Act that was signed into law in December 2017 eliminated the business deduction for Qualified Transportation Fringes (QTFs).
How Auditors Review Your Revenue and Why You Should Too
Posted by admin on Feb 19, 2019 9:53:48 AM
Auditors examining a nonprofit's financial statements should spend considerable time on the revenue figures. At BBD, we look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization's revenue profile.
Read MoreComplying with Challenging New Procurement Standards
Posted by admin on Feb 15, 2019 1:15:56 PM
The relatively new federal procurement standards, which went into full effect in fiscal year 2017, significantly alter the way nonprofits receiving federal funding handle purchasing. You may have changed your written policies, but are you complying with the standards in practice? If not, you could risk losing funding.
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