Is Your Not-for-Profit Organization Legit?

Posted on Monday, March 10, 2014 by

You would be amazed at the number of active not-for-profit organizations that aren’t properly structured or current with their State of Ohio and IRS filings.  This is common in smaller organizations where well-intentioned individuals rotate through the various officer positions and then leave the organization.  Other organizations fail to prioritize managerial aspects, such as organizational […]

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Fraud: A “Red Flag” is a “Red Flag”

Posted on Monday, February 10, 2014 by

Be aware of fraud indicators, whether you are involved in a privately-held business, a publicly-held company or a tax-exempt organization. In a world with increasing fraudulent incidents, we must always keep our eyes open to potential fraud indicators or organizational anomalies that could lead to a misappropriation of business assets.  The fact that something seems […]

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Form 990 Preparations: Don’t Let This Happen to You – Disallowed Losses on Form 990-T

Posted on Friday, August 30, 2013 by

The IRS recently completed a multiyear compliance project focusing on the college and university sector. (See the article on page 3 entitled “IRS Final Report on Colleges and Universities”.) As part of the project, the IRS examined the treatment of losses used to offset unrelated business income (UBI). The IRS found that numerous institutions had […]

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501(c)(4) Organizations and the IRS: A Little Background on the Controversy

Posted on Monday, August 12, 2013 by

As everybody now knows, the IRS Exempt Organizations group (EO) has admitted to at least some inappropriate targeting of politically conservative Section 501(c)(4) organizations in the exemption application process. We have already seen the resignation of the IRS Acting Commissioner and the head of EO being placed on administrative leave and pleading the Fifth before […]

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Nonprofit Accounting: Higher Education – Mid-Year Update

Posted on Tuesday, July 30, 2013 by

As we find ourselves not only past the middle of calendar year 2013, but also the end of the fiscal year for the vast majority of colleges and universities, it seems like an appropriate time to check in on recent industry trends, and update thinking on the top issues facing higher education in the coming […]

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Not-for-Profit Update: Fall 2012

Posted on Tuesday, October 16, 2012 by

This month's Not-for-Profit Update includes: New Governmental Accounting Standards Board (GASB) Pronouncements Political Activities by Tax-Exempt Organizations Pay Bias in the Boardroom Audit/Finance Committee Review for Form 990 – Key Considerations IRS.Gov Website Redesign Nonprofit Risk Management IRS Provides Guidance on Deductibility of Charitable Contributions to Domestic Disregarded Entities Congressional Focus on Tax-Exempt Organizations Avoiding […]

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Tax on Donations: Six tips to keep in mind

Posted on Wednesday, August 22, 2012 by

As 2012 edges to a close, tax planning should be in the back your mind.  Donating to charity is one way of reducing your tax burden while helping those in need. While charitable donations are deductible up to a maximum of 50% of your adjusted gross income, there are some things to keep in mind […]

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Nonprofits May Qualify for Small Employer Health Insurance Tax Credit

Posted on Thursday, July 5, 2012 by

In 2010, the Affordable Care Act was enacted to encourage small businesses to offer health insurance to their employees.  Did you know that tax-exempt organizations may also be eligible for the credit? Tax exempt organizations can claim the credit for 2010 through 2013 and for any two years after that. The maximum credit for nonprofits […]

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Not-For-Profit Upate: Spring 2012

Posted on Thursday, May 24, 2012 by

This month's Not-for-Profit Update includes: Cost Allocations For Non-Profits IRS (Finally) Issues 2012 Exempt Organizations Work Plan Update on 2011 Form 990: Some Changes and Clarifications Bonuses and Incentives for Tax-Exempt Organizations? Corporate Sponsorship 2011 Final Revision of Government Auditing Standards Issued Words!…Words!…(With apologies to Eliza in My Fair Lady) Best Practices for Travel and Expense […]

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Not-for-Profit Update: Winter 2012

Posted on Wednesday, March 7, 2012 by

This month's Not-for-Profit Update includes: Predicting the Impact of Changing Tax Treatment of Charitable Contributions Payroll Audit Updates                 The Age of Nonprofit Mergers is Upon Us The Case of Exempt Organizations in the Tax Reform Debate New District of Columbia Nonprofit Corporation Act Executive Compensation: Did We Do All The Right Things? The IRS Issues […]

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