Nonprofit Accounting Basics

Tax and Information Filings

501(c)(4) Organizations and the IRS: A Little Background on the Controversy

The IRS Exempt Organizations group (EO) has admitted to at least some inappropriate targeting of politically-conservative Section 501(c)(4) organizations in the exemption application process.

990N

For years, filing Form 990 was not required of organizations normally having less than $25,000 in gross receipts. That has changed.

Accounting for Uncertain Tax Positions: A Requirement for Nonprofit Financial Statements

FIN 48, Accounting for Uncertain Tax Positions (now codified as ASC 740-10) was made a requirement for any entity with financial statements prepared in accordance with generally accepted acc

Accrued Vacation

Most organizations include some paid time-off in their benefits packages offered to employees.

Ballot Measures and Recalls: Basic Rules for 501(c)(3) Public Charities, 501(c)(4)'s and Unions

As states grapple with a host of contentious issues, including severe budget cuts, efforts to alter public employee rights and benefits, and legislation to curtail public services, organized ef

Best Practices

The Internal Revenue Service believes that promoting best practices in the areas of governance, management and disclosure will lead to a higher level of federal tax law compliance.

Charities and Political Activity— The Unwelcome Spotlight

Political candidates can be good for your nonprofit.  They raise the profile of your events, increase public interest in your activities, and prove to be good friends once in office.  Why

Charity Ratings: Why They Matter and Ways to Improve

What are charity ratings?  Charity ratings are evaluations created by charity watchdog organizations who are also nonprofit entities.  The mission of charity watchdo

Common UBIT Myth Related to Nonprofit Revenue and Tax Impact

Myth: “It doesn’t matter how I get the money in the door as long as I spend it on charitable activities.”

Definition of an Officer

An officer is a person elected or appointed to manage an organization’s daily operations, such as a president, vice president, secretary, or treasurer.

Definition of Key Employee

The definition of a key employee includes a three part test. To be a current key employee all three tests must be met:

The $150,000 Test

Direct Mail Costs—Program or Fundraising?

Are you mailing out your year-end giving letters soon? Many nonprofits send out a mailing around the holidays to help promote year-end giving.

Disaster Relief Organizations

There have been so many disasters in recent years, both natural and financial. Many individuals and companies are seeking ways to help those in need.

Disqualified Persons and the Intermediate Sanctions Excise Tax Regime

Disqualified Persons and the Intermediate Sanctions Excise Tax Regime[1]

Donated Goods and Services

During this down economy, the donation of goods and services are getting more attention as many households turn to such gifts as an alternative means of providing support for various causes.

Employee Bonding

When you need to bond your employees

It is usually a requirement to bond employees that handle cash or other ready assets (stock certificates, etc).

Employee vs. Contractor

Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services.

Expanded Work Opportunity Tax Credit Available for Hiring Qualified Veterans

Recent changes to the Work Opportunity Tax Credit (WOTC) have made incentives for hiring eligible veterans available to qualified tax-exempt organizations.

Foreign Account Reporting— More IRS Guidance is Here!

As announced in 2008 and 2009, Treasury and the IRS have greatly stepped up enforcement of the filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR

Foreign Filings

Exempt organizations (EOs) may be required to provide information on its activities conducted outside the United States on a number of information forms, including Form 990.  These reporting r

Form 990 (Core Form)

The Form 990, Return of Organization Exempt from Income Tax, contains a twelve page “core” form with the following twelve parts:

Pages

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