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
As the end of the traditional tax year approaches, giving is on the minds of many business leaders and philanthropists. It’s a busy season for nonprofit professionals and you’re likely ramping up your fundraising efforts so that your organization has every opportunity to meet its financial … Read More
When it comes to your nonprofit, there are different audit approaches to verifying sound financial management practices and operational compliance. The scope of work to review your nonprofit will vary depending on the organization’s classification. There are 29 different types of 501(c) … Read More
Mistakes That Trigger a 401k Audit Being subject to an IRS audit can be an unnerving experience, so it’s understandable that organizations would want to prevent one. Benefit plan administrators should do what they can to avoid 401(k) audit mistakes and ensure that their plans are in … Read More
Starting a small business is an enormous task, and as you move forward, there are many important decisions to make. Are you operating under the calendar or fiscal year? As a small business owner, you might have the opportunity to choose the fiscal or calendar tax year that your organization operates … Read More
There is no doubt that the technology field is growing quickly. As more and more employees decide on high-tech careers, the need increases for accounting professionals who understand the intricacies of tax planning for today’s innovators. Equity compensation is one way that new tech … Read More
Nonprofits operate differently from for-profit entities. While nonprofits receive certain tax benefits, they are also subject to greater financial scrutiny. Many nonprofits are required to submit to an audit by law; others choose to have an audit performed to comply with donor requests or as a … Read More
The U.S. Department of Labor is increasing its scrutiny of certain retirement plans, and fines are high for non-compliance. Federal law requires most employers who manage benefit plans with 100 or more participants to complete an annual audit. This results in many small and mid-sized companies … Read More
The nonprofit world is full of government regulations, best-practices and donor requirements. It can be difficult to navigate these mandates and determine exactly what an organization needs to do to stay compliant with California nonprofit audit requirements. Nonprofit organizations are subject … Read More