Two tips for new nonprofit organizations

Posted Leave a commentPosted in Accounting, nonprofit

There are more than a million nonprofit businesses in the U.S. with more every day. Most are small volunteer-driven businesses with small budgets. They still need to make smart business management decisions, beginning with the business start-up. Starting out right can pay off in immediate savings of time and money. 1. Understand tax exemption requirements […]

Accounting for volunteer services provided to a nonprofit organization

Posted Leave a commentPosted in Accounting, nonprofit, Taxes

The accounting treatment of services donated to a nonprofit frequently comes up in conversation. This blog post is meant to simplify three of the most common scenarios if those discussions: Should a nonprofit include the value of donated services in its reported revenue? No, unless the contributed service either: 1) creates a new non-financial asset, […]

10 reasons to not vote for Tony Novak

Posted Leave a commentPosted in New Jersey, News and Politics, nonprofit

This isn’t directly tax related but it might be critical to the planned local tax-free small business investment program. One of our angel investors wants me to run for local political office and might make his financial support dependent on it. With millions of public and private reinvestment on the line and local government facing […]

Head’s Up on New Pennsylvania Charity Reporting Requirements

Posted Leave a commentPosted in Accounting, nonprofit, Small Business

Executive Summary: Smaller Pennsylvania charities face revised state requirements for their submitted financial statements that may require additional advance planning. May 16, 2018 is the IRS filing deadline for filing 2017 information with the federal government for most nonprofit organizations. Some organizations haven’t had a need to focus on the details of recent legal changes affecting […]

Sample deferred compensation plan

Posted Leave a commentPosted in Employee Benefits, nonprofit, Tax Planning

Following is an annotated copy of the model truck language for a deferred compensation plan under  Rev. Proc. 92-64. TRUST UNDER ____ PLAN OPTIONAL (a) THIS AGREEMENT MADE THIS ___ DAY OF ___, BY AND BETWEEN ____ (COMPANY) AND ____ (TRUSTEE); OPTIONAL (b) WHEREAS, COMPANY HAS ADOPTED THE NONQUALIFIED DEFERRED COMPENSATION PLAN(S) AS LISTED IN […]

My 2017 in two short paragraphs

Posted Leave a commentPosted in aquaculture, Health and wellness, Investment, Law firm, Leadership, nonprofit, Values

The two big personal stories for me in 2017: #1 – Stress Handled I became stressed by the lack of respect for fact, truth, science, logic, law and education expressed in our everyday lives. I became stressed by the observation that other people abandoned traditional core values of charity, sharing, open doors, open borders, nondiscrimination, […]

Small business action plan to profit from tax reform

Posted Leave a commentPosted in Contracting, nonprofit, Remodeling, Small Business, Tax Planning

We can now begin to make a reasonable forecast of the eventual form of U.S. tax law and, even with the list of uncertain issues, ask what it means to each of us. For me and my small business practice, this is how it plays out: Winners Tax and business advisers Rental real estate owners […]

Tax tip: Avoid Late Filing Penalties

Posted Leave a commentPosted in nonprofit, Small Business, Taxes

I had a few cases lately where small business organizations filed late tax returns and were then surprised by the size of the IRS late filing penalty. The penalty applies to regular for-profit, nonprofit and charitable organizations. The penalty is assessed even if the organization had no net income. The late filing penalty is applied […]

Do I want or need a financial statement audit?

Posted Leave a commentPosted in Accounting, nonprofit

Does your nonprofit organization need an audit, review or compilation? What are the three main benefits of these procedures? The AICPA has a free 6 page report titled “Do I Want or Need a Financial Statement Audit” summarizing important information. The side-by-side comparison chart is especially useful. I have been active in helping management of […]