Tax

THE TAX CUTS & JOBS ACT: HOUSE BILL vs. SENATE BILL

On Thursday, November 16, the US House of Representatives passed the Republican crafted tax reform bill by a 227 – 205 vote.   That same day, the Senate Finance Committee approved its version of the Tax Cuts and Jobs Act, sending the bill to the full Senate for debate and a vote. The Senate is expected Read More…

EMPLOYMENT TAX ISSUES DURING TAX-EXEMPT ORGANIZATION IRS AUDITS

The IRS has emphasized employment tax compliance during its tax-exempt audits for many years.  They believe that employment tax is a high risk area of noncompliance for non-profits.  Some of the main issues for IRS audit review include: Expense reimbursements and accountable plan compliance, Treatment of fringe benefits as taxable compensation, Independent contractor vs. employer Read More…

SCHEDULE G – SUPPLEMENTAL INFORMATION REGARDING FUNDRAISING OR GAMING ACTIVITIES

Many non-profit organizations supplement their gross income by holding fundraising events.  If your organization spends more than $15,000 during the tax year on professional fundraising services, has more than $15,000 of gross fundraising income, or has more than $15,000 of gross gaming income, you must attach Schedule G to the Form 990. If your organization Read More…

CASUALTY & THEFT LOSSES

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…