It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner. The opportunity is even more pressing because the current Read More…
Section 4960 of the Internal Revenue Code imposes a 21% excise tax on remuneration in excess of $1 million as well as excess “parachute payments” paid by applicable tax-exempt organizations (ATEOs) or their related entities to any “covered employee.” Tax-exempt employers that compensate their executives over $1 million per year or that pay separation-related compensation Read More…
By: Amy Guerra, CPA The financial statement presentation for not-for-profit entities (NFP) experienced an overhaul with Accounting Standards Update (ASU) 2016-14, “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.” Prior to the ASU, only voluntary health and welfare organizations had a requirement to include the statement of functional expenses as part of 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…
There are numerous organizations in this area that have received Federal tax-exempt status from the IRS. The most common of these are Section 501(c)(3) charitable organizations. There are other types of Section 501(c) organizations, such as social clubs and chambers of commerce. Both types of tax-exempt organizations must file an annual Form 990 to show Read More…
Although it is not common to have a tax-exempt status revoked, it does happen. Decrease the chance that your organization’s tax-exempt status could be revoked by following these rules: Corporate Records: All nonprofit organizations must keep good records. These records should consist of, at a minimum, the original articles of incorporation, including any amendments, bylaws, Read More…
A donor’s perception of your organization is very important in making the decision on where to contribute their hard earned dollars. It is useful to think about how donors view your non-profit organization. Some questions donors may consider include the following: Are the organization’s resources allocated in the most efficient manner in order to fulfill Read More…
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