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Not-for-Profits Must Avoid Excess Benefit Transactions

July 18, 2017

Not-for-profits that ignore the IRS’s private benefit and private inurement provisions do so at their own peril. These rules prohibit an individual inside or outside a nonprofit from reaping an excess benefit from the organization’s transactions. Violation of such rules can have devastating consequences.

Three Types of Information Your Nonprofit’s Board Needs

June 26, 2017

Information is power. And regularly supplying information to your not-for-profit’s board of directors is the key to the board properly fulfilling its duties. This doesn’t mean you have to share every internal email or phone message. Board members should, however, receive and understand information that will help them work together

Consider Tax Consequences Before Making an Employee a Partner

June 20, 2017

Offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should watch out for.

Loans Between Your Business and Its Owners

June 12, 2017

It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity?

Should Your Not-for-Profit Take Out a Loan?

June 8, 2017

Debt is an integral part of many for-profit companies’ strategic plans, yet it has traditionally carried a stigma in the not-for-profit world. That view is changing, as more organizations borrow money for major capital purchases, new program funding and other reasons. But before your nonprofit borrows, it’s important to understand

5 Tips for Successful Not-for-Profit Succession

June 7, 2017

Every not-for-profit organization needs a comprehensive succession plan to ensure smooth leadership transitions. When a nonprofit organization loses its executive director or other leaders, it risks declining contributions, lowered employee morale and program disruption.

Choosing Best Way to Reimburse Employee Travel Expenses

June 6, 2017

If your employees incur work-related travel expenses, it is critical that you comply with IRS rules to secure tax-advantaged treatment for your business and your employees.

How Nonprofit Youth Sports Leagues Can Prevent Fraud

May 31, 2017

Many not-for-profit youth sports leagues are at risk for fraud and don’t even know it. Because cash transactions are common and leagues usually are managed by volunteers with little oversight, it’s easy for crooked individuals to take advantage of the situation. Unfortunately, sports league fraud is usually committed by board

Business Owners: When it Comes to IRS Audits, Be Prepared

May 23, 2017

Don’t let an IRS audit interrupt your day-to-day responsibilities. By taking a meticulous, proactive approach to how you track, document and file your company’s tax-related information, you’ll make an audit much less painful and even decrease the chances that one happens in the first place.

Risks and Rewards of Operating Across State Lines

May 16, 2017

With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.

Where Has All My Cash Gone?

May 10, 2017

Do you ever feel like you just never seem to have any cash on hand? Is your cash leaving the business as quickly as it comes in? Take a few minutes to get a better understanding of your cash flow and review the controls you have in place over cash.

Corporate Credit Card or Expense Reimbursement?

May 9, 2017

How management monitors employee expenses whether using reimbursement method or company credit cards is a key internal control of the business. There are some pros and cons for both options and they have slightly different nuances when it comes to monitoring the controls over these expenditures.

Choosing Between a Calendar Tax Year and a Fiscal Tax Year

May 2, 2017

Many businesses use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense.

Get More from Your Association’s Program Budget

April 27, 2017

Is your not-for-profit association offering enough (or the right) programs to keep members active and engaged? New programs require time, effort and money. So when you commit to developing one, you want to get the biggest bang for your buck.

5 Accounting Mistakes Your Nonprofit Should Avoid

April 14, 2017

To err is human, but your not-for-profit’s supporters, not to mention the IRS, may be less than forgiving if errors affect your financial books. Even the smallest nonprofit should set formal, documented and detailed procedures for managing financial and bookkeeping chores.