The Public Service Loan Forgiveness Program (PSLF) forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. What does this mean for you? We’ve answered the 5 questions that will help you determine if you qualify for Read More…
When an individual or a business incurs either a casualty or theft loss, questions often arise as to the deductibility of the loss, on their tax return. A casualty loss occurs when property is damaged, destroyed, or lost from any unexpected or sudden event, such as a fire or hurriane. A casualty loss does not Read More…
By Laurie De Armond, CPA Many, if not most, nonprofit organizations will encounter board or leadership turbulence at some point in their lifecycles. Organizational transition, the evolution of mission or executive departures are inevitable. There are times when the board must make challenging decisions and protect the organization from financial and organizational risk, as well Read More…
BKC, CPAs, PC supported the United Way’s National Day of Caring by volunteering to organize school supply donations for the Tools4School campaign by United Way of Hunterdon County. To assist families, United Way of Hunterdon County created the Tools4School program, which provides students in need with the necessary basic school supplies so they are ready to learn Read More…
Within the last couple of years, the IRS has made it much simpler for organizations to apply for Federal tax-exempt status by filing a Form 1023-EZ. To qualify for this short-form application, the organization must not have annual gross receipts in excess of $50,000 in any of the past three years or projected in any Read More…
Many tax-exempt organizations may have unrelated business units that are part of the organization’s tax-exempt purpose, and are used to fund the organization. These unrelated businesses, while not jeopardizing the organization’s tax-exempt status, could yield taxable income to the organization. If the business is run by paid employees and is not for the convenience of Read More…
Transparency, in the non-profit sense, is defined as the widespread availability of relevant, reliable information about the performance, financial position, and governance of an organization. Transparency is a trust building tool; the more transparent your organization becomes, the more trustworthy you will be viewed by the public, donors, and regulators. It is important for non-profit Read More…
By Lee Klumpp, CPA, CGMA There are many opinions on what the fiduciary responsibilities of nonprofit board members are. The National Council for Nonprofits discusses that boards should: a) Take care of the nonprofit by ensuring prudent use of all assets, including facility, people and goodwill; and provide oversight for all activities that advance the nonprofit’s Read More…
Code Blue Donations Needed ASAP for NJ Emergency Cold Weather Shelters in Need Salem County is currently in need of the following items for homeless individuals. Collection Ends Wednesday, February 22nd so that we can get our items in use ASAP. They have adequate blankets, but are in need of the following items: Gloves for men Socks Read More…
There are various requirements for both donors and charitable organizations as to substantiating charitable contributions. The donor must have either a bank record or written communication from a charity for any amount of a charitable contribution before the donor can properly claim a charitable contribution deduction. In addition, the donor is responsible for obtaining a Read More…
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