By Carla DeMartini, CPA Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal control system has always been a priority for audit Read More…
On August 7, 2020, the IRS released final regulations (T.D. 9907) regarding the interaction of the $10,000/$5,000 cap on state and local tax (SALT) deduction and charitable contributions. Your SALT deduction includes real estate taxes, state income taxes (unemployment, disability, family leave, personal property taxes) and local taxes. For tax years after 2017, an individuals Read More…
On June 15, 2020, the SBA announced that the Main Street Lending Program portal is now open. The Main Street Program provides additional funding to small and mid-size businesses, and Not-for-Profit Organizations, with relaxed regulations, as part of the CARES Act. On July 17th, the Federal Reserve Board has approved two new loan options, which Read More…
Nonprofit organizations with calendar year ends are working to implement the provisions of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The ASU is effective for annual financial statements issued for fiscal years beginning after Dec. 15, 2017. Specifics of the requirements of the ASU have been Read More…
Stephen Warner continues his CrossRoads Cycling Adventure. See his May 14-18 activity by clicking on the pictures below. May 23rd Stephen announced “In 2016 I was able to bicycle 3,450 miles from Los Angeles to Boston in 47 days. In 2018, I was attempting to do this again but do to health issues I can Read More…
BKC is collecting new and gently used shoes through Rotary Club of Woodstown to benefit Ranch Hope, until April 15, 2018. View event flyer to learn more.
Andrew D. Ross, CPA, Tax Manager at BKC, CPAs, PC spoke on Hunterdon Chamber Radio 10/10/17 in a group presentation regarding the Center for Education Advancement nonprofit organization, and the 2017 CEA/Johanna Foods Turkey Trot in Flemington celebrating its 25th year. Listen to the podcast here.
Join us to support “Kicking for Kenzie” 2017 Kickball Tournament at Chimney Rock Park on October 7th. Fight Against Tay-Sachs Disease by donating in Mackenzie’s name at www.curetay-sachs.org Contact us for more information.
BKC, CPA’s supports the United Way of Hunterdon and the Tools 4 School program. With your help, the program will provide more than 1,300 Hunterdon County children in need with the supplies they need to go back to school and learn. BKC is donating 400 Scientific Calculators to fill all of the Middle School Student 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…
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