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 […]

CPA-prepared financial statements

Posted Leave a commentPosted in Accounting, nonprofit, Small Business

A question came up from a small nonprofit business client yesterday for the second time this month. The request was to produce a financial statement for the client’s Treasurer. I found myself thinking about the best words to use to clarify my position. I want to help by making this an easy and seamless process […]

CPA services for nonprofits: a comparison of service and cost

Posted Leave a commentPosted in Accounting, nonprofit

Nonprofit organizations in the United States are sometimes required to engage a Certified Public Accountant (CPA) to prepare financial statements for presentation to state regulators and to the public. The specific requirement varies by state and depends primarily on the size of the nonprofit organization. Three levels of financial statement services offered by CPAs: Audits, […]

Prepare now for market correction and recession

Posted Leave a commentPosted in Financial Planning, nonprofit

There are growing indications that the investment markets and the overall economy have reached short-term highs and that we might soon headed into a period of market correction and possibly even recession. I am not interested in or attempting to ‘time the market’ not do I pretend to have any ability to make such a forecast. […]

Limitations on free tax preparation for 2016 returns

Posted Leave a commentPosted in Accounting, Affordable Care Act, Employee Benefits, Health Insurance, immigration, nonprofit, Taxes

Each tax season I am pleased to prepare some individual tax preparation services for n fee except the filing fee. My online filing service provider’s fee is $20 per return so the tax filer must cover this cost. My offer is usually made to a small number of middle income neighbors as a way to promote my […]

Reduce your income taxes in 2017

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

Tax shelters and strategies that go beyond basic tax planning An accountant shared a story with his peers of a client who called recently to say “This year I really want to do whatever we can to slash my tax bill and pay the minimum”. The accountant replied “What do you think we’ve been doing […]