On April 26th, the White House announced the President’s Federal tax proposals, which include large reductions in corporate tax rates, flattening of the individual income tax brackets, and repeal of the estate and alternative minimum taxes. Here are some highlights: Individuals The current seven graduated tax brackets (ranging from 10% to 39.6%) would be replaced 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…
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…
Through April 21st, BKC, CPAs, PC will be collecting leftover Easter Candy, in addition to Care Package items & Letters to send to our Troops through “Operation Gratitude”. BKC will utilize Dry Ice Cooler shipping boxes to withstand the heat, which should enable us to include chocolates! Ideal candy items include Jelly Beans & Hard Read More…
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The Pennsylvania Department of Revenue will run a 60 day tax amnesty period from April 21, 2017 to June 19, 2017 for taxes due on or before December 31, 2015. The tax amnesty will cover all taxes administered by the Dept. of Revenue, such as individual income taxes, corporate income/franchise taxes, sales taxes, inheritance taxes, 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…
Darlene Shaffer, a CPA, a financial planner with BKC, CPAs, PC has recently been awarded the Personal Financial Specialist (PFSSM) credential by the American Institute of Certified Public Accountants (AICPA), joining an elite group of professionals who have demonstrated advanced knowledge of tax, estate, retirement, investment and insurance planning. The PFSSM Credential, established in 1987 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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