September progress

Posted Leave a commentPosted in Accounting, Cannabis, Marijuana related business (MRB), Marketing, Nonprofit, Small Business

This month of September 2019 was one of the most productive I’ve had in decades of small business. I helped launch (or re-launch) five new businesses. Three of them are nonprofits. One is already a financially “profitable” nonprofit so the tax and social benefit impact is impressive. I’ve proven that by offering free assistance to […]

Update on nondisclosure of charities’ donor rule

Posted Leave a commentPosted in Cannabis, Nonprofit, Tax Planning

Revenue Procedure 2018-38 remains controversial. Lawmakers (mostly Democrats) are concerned that it could encourage the flow of dark money into the tax-exempt sector. Their concern is valid. I know of private foundations that have already reorganized as public charities to take advantage of the secrecy rule change for their own benefit. No doubt, this rule […]

Questions about TechSoup

Posted 1 CommentPosted in Accounting, Nonprofit, technoogy

My largest block of clients are charitable organizations. In that nonprofit field the company TechSoup is a popular vendor of technology services. A few recent events cause me to ask more questions. I’ve made a few purchases for clients through them. TechSoup markets “donated and specially discounted technology offers”. But lately I’ve noticed that specific […]

Two tips for new nonprofit organizations

Posted Leave a commentPosted in Accounting, Cannabis, Nonprofit

There are more than a million nonprofit businesses in the U.S. with more every day. State requirements that new cannabis companies be in nonprofit form bring more attention. Yet most nonprofit organizations 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 […]

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, […]