Blog

BKC TROTS FOR A CAUSE THANKSGIVING DAY

BKC is participating in the 23rd Annual CEA Turkey Trot.  As millions prepare to gather around the table in celebration of Thanksgiving, we will be particpating in a run/walk to raise money and awareness for the Center for Educational Advancement, a nonprofit (501c3) community based organization with the mission to Educate, Empower and Employ individuals with special Read More…

TAX TIDBIT: EMPLOYEE VS. INDEPENDENT CONTRACTOR

When businesses require additional staffing, they hire either an employee or an independent contractor. For an employee, the employer is required to withhold Federal and State income taxes, Social Security and Medicare taxes (which must be matched by the employer), and state unemployment/disability taxes. For an independent contractor, all that is necessary is for the Read More…

TAX TIDBIT: SOLAR ENERGY TAX CREDITS

The Internal Revenue Code is full of provisions where expenses for socially desirable items receive favorable income tax  treatment.  So it is no surprise that considering the cost of fossil fuels, both in terms of money and in pollution, “clean” energy expenditures are held in high esteem by the IRS. Most taxpayers are aware of Read More…

NONPROFIT ORGANIZATIONS AND THE TANGIBLE PROPERTY REGULATIONS

What are the tangible property regulations?  These regulations were issued by the Internal Revenue Service (IRS) to provide guidance for the acquisition, production or improvement of tangible property—buildings, furniture, fixtures and equipment assets, typically—which must be capitalized and depreciated, deducted in the future or deducted immediately. On a more granular level, these rules dictate how Read More…

COMPENSATION COMMITTEE – DO WE REALLY NEED ONE?

Adoption of final regulations for the Internal Revenue Service (IRS) Intermediate Sanctions (Internal Revenue Code (IRC) 4958) in 2002 prompted many 501 (c)(3) and (c)(4) organizations to formally designate a board-level committee with specific responsibility for oversight of the compensation of their most senior-level executive position(s). This governance structure was a practice adopted long ago Read More…

ASSESSING FINANCIAL STABILITY

As part of sound financial management practices, management has a responsibility to evaluate its nonprofit organization’s ability to continue as a going concern (i.e., the organization’s ability to continue operating both financially and programmatically for a reasonable period of time). This review by management should occur every time the financial statements are prepared and made Read More…