It’s a question many nonprofit executives and their boards may be asking as they encounter potential donors wishing to make their contributions with Bitcoin. Several national organizations have recently announced that they are accepting Bitcoin donations. However, the digital currency’s use is still very much in early adoption phase. Organizations that currently accept Bitcoin donations tend to do so in order to outwardly support innovation, appeal to their tech-savvy donor bases and give their donors a low-cost option for making donations.
I have spent over ten years working with organizations of all sizes and varying levels of sophistication. The most guarded and sensitive documentation relates to salary. These are always the files which must be locked up at night and never left unattended. Discussions regarding salary are done at a whisper. We have heeded our parents warning, “You never ask anyone how much they get paid.” Salary discussions are right up there, perhaps even more sacrosanct, than the discussion of religion or politics.
While neither charity auctions nor the various rules governing them are new, we receive numerous questions about them and observe many examples of inadequate auction procedures by both large and small organizations.
The FASB recently issued new guidance for private companies establishing an accounting alternative for certain intangible assets acquired in a business combination. If a private company elects the alternative, it would not recognize separately from goodwill certain assets arising from customer relationships and noncompetition agreements upon acquisition. Rather, they would be subsumed into goodwill, and the goodwill would be amortized. The alternative is intended to reduce cost and complexity for private companies. The decision to elect the alternative must be made upon the occurrence of the first in-scope transaction in years beginning after December 15, 2015, with early application permitted.
Businesses both large and small face numerous challenges these days, ranging from technology to tax considerations to exposure to litigation over employment laws. What are the main issues in 2015? Here are seven likely to grab your attention.
As another tax filing season begins, you may be looking to increase the itemized deductions you can use to offset highly taxed ordinary income. What about those expenses that often seem to fall through the cracks? If you qualify, you may be able to deduct a portion of certain miscellaneous itemized expenses on your 2014 tax return.
Before winding up the legislative session last year, Congress enacted a law which allows for tax-free savings accounts that can be used for disability-related expenses. The “Achieving a Better Life Experience (ABLE) Act of 2014,” signed by President Obama last month, creates a new tax-advantaged savings program that can be created either by disabled individuals to support themselves or by families to support their disabled dependents, all without losing access to Medicaid and SSI income. The new law applies for tax years beginning after Dec. 31, 2014.
Board members, audit committee members, CFOs and CEOs interested in proper governance of their organization and the role audit committees play in that governance are encouraged to participate. Reserve your seat now by clicking here.
We are excited to announce several promotions and work anniversaries at Marvin and Company.
When it comes to starting a business, many entrepreneurs have the “trade” or operational side of the business down to a science. However, many of the other factors of business success, such as financing, legal, accounting, tax and insurance liability issues are more foreign concepts.