Nonprofits suffer a median loss of $76,000 per fraud incident, according to the Association of Certified Fraud Examiners’ 2024 Report to the Nations. Does your nonprofit train staffers and other stakeholders on how to recognize and report fraud? If not, you may risk financial losses you can’t afford.
If you’re a business owner without a retirement plan, establishing one is simpler than you may think. And there still may be time to set one up for LAST year, depending on your situation.
Form 990T, also known as the Exempt Organization Business Income Tax Return, is a form used by tax-exempt organizations to report and pay tax on unrelated business income. Advertising revenue is one such type of unrelated business income that should be reported on this form. Here's what you need to know.
Under the Corporate Transparency Act (CTA), many businesses had to begin complying with new reporting requirements on January 1, 2024. But on March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the CTA is unconstitutional. Does that mean that businesses no longer have to comply? Unfortunately, that's not the case for those who would like to skip the requirements.
You’d be forgiven for ignoring tax breaks contained in the Inflation Reduction Act. After all, they won’t help tax-exempt organizations. Or will they? We suggest you look at two provisions benefitting nonprofits.
The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don’t count on it. Here’s what you need to know to make the most of it while you can.
For franchise tax purposes, the Comptroller's office made some changes to reports originally due on or after January 1, 2024. Here's what you need to know.
The credit for increasing research activities is a valuable tax break for eligible businesses. Claiming it involves complex calculations. But in addition to the credit, be aware that it also has a feature that’s favorable to eligible small businesses.
The SECURE Act 2.0 made some important changes to 403(b) retirement plans, which typically are offered by nonprofits to their employees. Is your nonprofit caught up on the law’s provisions?
Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules.
The Corporate Transparency Act (CTA) went into effect on January 1, 2024, and is a law that requires businesses that do not meet certain exemptions to file their Beneficial Ownership Information (BOI) report with FinCEN.
If your nonprofit’s budget is fixed or static, it may be inadequate during turbulent times. Here’s why you might want to consider a more flexible rolling budget, or even decide to reforecast your current budget.
Nonprofits that pay independent contractors must keep completed Form W-9s on file for them. We offer some tips for obtaining this information from workers and filing it with the IRS.
As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a Voluntary Disclosure Program for employers. Under the program, businesses can "pay back the money they received after filing ERC claims in error," the IRS explains.