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The Form 990 plays an important part in communicating your nonprofit organization’s mission and accomplishments to the world, and is also a key means for promoting your organization. Filing the Form 990 satisfies your tax compliance requirements, but it is also a public document distributed widely and manipulated by third parties on an ever-increasing basis.
With increased attention from the IRS in the areas of foreign operations and investments/holdings, it is important to review your situation to determine whether you will need to comply with the FBAR disclosure requirements. The report is due at the end of June and it must be received, not postmarked, by the end of the month.
Ever wonder how your customers heard about you? Want to know what vendors offer the best terms? Or maybe keep track of employee information like birthdays, last raise or their spouse’s name? With QuickBooks Custom Fields, you can keep track of these and many other pieces of information. Information you can use in reports and search for.
Our next webinar titled: ” Annual Government Accounting Update, Focusing On School Districts” is scheduled for May 20th. Those interested in “what’s new” in the government accounting and compliance sphere are encouraged to participate in this complementary webinar.
Thanks to the internet, privacy has been on the wane over the last few years. We assume that our addresses and phone numbers are public information, thanks to sites like Switchboard and 411.com. We hope that our dates of birth are private (though the number of birthday wishes on Facebook makes that doubtful), and we assume that our Social Security numbers are hard to get.
As your start-up grows, you’ll be adding more members to your team. How these team members are classified, as either an employee or an independent contractor, can have a significant impact on your business from a payroll tax standpoint.
The IRS has a complicated set of guidelines for determining whether a worker should be treated as an employee or independent contractor for payroll tax purposes. It may be tempting to just classify people as independent contractors and save payroll taxes, but it’s not worth the risk.
Financial reporting issues remain hot topics for those in the nonprofit industry, but one of these issues in particular has historically lacked direction and guidance for for-profit and nonprofit organizations alike: going concern.
Adoption of final regulations for the Internal Revenue Service (IRS) Intermediate Sanctions (Internal Revenue Code (IRC) 4958) in 2002 prompted many 501 (c)(3) and (c)(4) organizations to formally designate a board-level committee with specific responsibility for oversight of the compensation of their most senior-level executive position(s). This governance structure was a practice adopted long ago by most for-profit and publicly-held organizations. This structure also satisfied one of three criteria stipulated by the IRS for affording a nonprofit organization the ‘Presumption of Reasonableness’ for its pay practices. The Form 990 and requested information in Schedule J provides still more evidence of an expectation of formal governance and oversight of executive pay.
Congress recently extended the application of the work opportunity tax credit (the “WOTC”) to an employee who began working after December 31, 2013, and before January 1, 2015. Because the extension was not enacted until December 19, 2014, and the application for pre-screening an employee must be filed within 28 days after an employee begins work, the Service granted transitional relief extending the application due date for an employee hired in 2014 to April 30, 2015.
The Affordable Care Act (ACA), also known as Obamacare, is effective in 2015 for employers who average 100 or more full-time equivalent (FTE) employees during 2014; employers who average 50 or more FTEs during 2015 will be subject to the ACA in 2016. The ACA forces employers to either offer affordable health coverage that provides specific benefits to employees or risk the imposition of a potentially significant excise tax.