On May 18th, the U.S. Department of Labor released new rules regarding the requirement for overtime pay for white collared salaried employees who do not primarily perform executive, administrative, or professional duties. The new rules were to increase the mandatory overtime pay (time-and-a-half-pay) for hours worked in excess of 40 per week for workers who Read More…
By Joan Vines, CPA The Internal Revenue Service (IRS) released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations in June. The regulations, which have been anticipated by the industry since 2007, address the interplay between Internal Revenue Code Section 457 and Section 409A, which govern the nonqualified deferred compensation Read More…
Document retention for nonprofits (click here).
In an effort to reduce fraud the IRS has changed the deadline for the filing of Forms W-2 and Form 1099. The IRS now requires that Forms W-2 and 1099 be provided to recipients and filed with the IRS or Social Security Administration, by January 31st. In the past the January 31st deadline only applied Read More…
2016 Year-end Strategies for Businesses & Individuals: Straddling Two Years of Significant Changes. Click to read here.
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The Financial Accounting Standards Board (FASB) recently issued ASU 2016-14 to improve the presentation of financial statements of not-for-profit entities such as charities, foundations, universities, and nonprofit health care providers, etc. This is the first major change to the nonprofit financial statement model in over 20 years, which is intended to provide more useful information Read More…
Traditionally, the initial and annual charity registration forms were filed on paper with the NJ Division of Consumer Affairs (DCA). However, starting January 1, 2017, all New Jersey charitable filings must be done on-line. The on-line filing with the Division of Consumer Affairs is to be done through the DCA Portal (https://njconsumeraffairs.state.nj.us). You need to Read More…
The nonprofit world has already seen a number of board shakeups this year— from board members resigning en masse from the Frost Science Museum following fundraising and cash-management woes, to the issues at the Northwest Museum of Arts and Culture in Spokane, in which a spiraling relationship with the board led to the firing of Read More…
There are two key phrases when filing an annual NJ charitable registration form for Section 501(c)(3) non-profit organizations: “gross revenue” and gross contributions”. If a NJ charitable organization has over $500,000 of annual gross revenue, they must attach an audited financial statement prepared by a certified public accountant to the NJ Form CRI-300. You cannot Read More…
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