D&O insurance refers to directors and officers liability insurance and it is meant to mitigate the personal responsibility of certain parties affiliated with an organization in the event of litigation. Many for-profit entities engage this type of insurance coverage, but fewer non-profits carry … Read More
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of new laws that make major changes in the tax rules for individuals and businesses. For … Read More
Infographic: For 2018, the threshold for itemizing medical expenses is only 7.5% of AGI. … Read More
Congress is enacting the biggest tax reform law in thirty years. The 2017 Tax Reform is one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into … Read More
The tax codes surrounding non-profits can be difficult to understand. As a tax exempt organization, you're just exempt from paying taxes, right? Well, as with all things tax related, that depends. One such circumstance is whether or not your organization has UBI: Unrelated Business Income … Read More
One of the most common inquiries from nonprofit leaders is whether their organization is required to submit to an audit or financial review. The answer depends on the type and size of your nonprofit corporation. The laws that regulate independent audits of nonprofits differ from state to state. … Read More
Every corporation is required to have directors and officers. This includes public benefit corporations. Your nomination to the role of nonprofit board member is a tremendous honor, and also a great responsibility. As a board member of a nonprofit organization, you are subject to specific … Read More
Developing a cost allocation plan for a nonprofit organization can be a tricky process. Understanding how a cost allocation plan (CAP) works is critical to responsible financial management and reporting; however, not all nonprofit organizations realize its importance. How costs are allocated affects … Read More
As the holiday season approaches, thoughts turn to gift giving. Many employers choose this joyous season to recognize and celebrate with their employees. While sharing gifts in the workplace is common, nonprofit leaders must take care during the holiday season to ensure that they are following tax … Read More
Business owners need to know which small business records to keep and for how long. The IRS suggests keeping supporting documents that provide validation of your business. To understand what qualifies, think of your small business records in these categories. Documents that demonstrate income In … Read More