Jun 15, 2021 | Business Health, Non-Profit
In order to fulfill their charge to provide direction and guide an organization, the Board of Directors must manage risk. Effective risk management involves a process of planning, prioritizing and protecting. In the planning stage, it’s important to identify all the...
Dec 17, 2020 | Business Health, Non-Profit
Occupational fraud continues to challenge nonprofit organizations. According to the 2020 Report to the Nations by the Association of Certified Fraud Examiners (ACFE), the median loss to the reported nonprofit organizations was $75,000 and the average loss was...
Feb 14, 2020 | Non-Profit, Tax
On December 20, 2019, Congress repealed Section 512(a)(7), commonly referred to as the “parking tax”, imposed on fringe benefits of non-profit organizations pursuant to the 2017 Tax Act. The provision required tax-exempt employers to increase their unrelated business...
Dec 13, 2019 | Non-Profit, Tax
Nonprofit organizations are subject to numerous federal and state tax filing requirements, including annual tax returns. Most nonprofit organizations are required to file an annual federal tax return (Form 990, 990-EZ, 990-PF, or 990-N); however, state filing...
Dec 5, 2019 | Non-Profit, Tax
Most organizations seeking 501c (3) tax exempt status must file an application with the IRS. Until 2014, the only means available to organizations was filing Form 1023: Application for Recognition of Exemption Under Section 501c (3) of the Internal Revenue Code....
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