Photo by ray sangga kusuma on Unsplash In the bustling world of nonprofit organizations, volunteers are the unsung heroes who dedicate their time, skills, and passion to furthering noble causes. Their invaluable contributions fuel the missions of countless nonprofits, from community outreach programs to global humanitarian efforts. Yet, amidst the admiration for their selfless service lies a complex debate: how should these […]
Photo by Tima Miroshnichenko: https://www.pexels.com/photo/banknotes-and-calculator-on-table-6694543/ As tax planning season rolls around each year, many people think not just about their finances, but also about ways to give back through charity. Charitable giving offers a great opportunity to help society while also managing taxes effectively. This article delves into the basics of charitable giving and explores […]
Photo by Canva 501(c)(3) organizations play a vital role in society, serving charitable, religious, educational, scientific, literary, and other philanthropic purposes. These organizations are granted tax-exempt status under section 501(c)(3) of the Internal Revenue Code, making them eligible for various tax benefits. However, with tax-exempt status comes a set of responsibilities and obligations that organizations […]
Photo by Scott Graham on Unsplash Congratulations on securing the coveted 501(c)(3) tax-exempt status for your organization! This significant milestone not only acknowledges your commitment to serving the community but also comes with a set of responsibilities to maintain that privileged status. However, are you taking the right steps to maintain your Nonprofit’s Tax-Exempt status? As […]
The ever-evolving landscape of financial reporting standards requires nonprofit organizations to stay abreast of changes that impact their accounting practices. One such crucial update is the implementation of ASC Topic 326, Financial Instruments – Credit Losses, which introduces the Current Expected Credit Loss (CECL) model. This article will delve into the critical aspects of ASC […]
Photo by Canva In a move aimed at streamlining federal grant management processes, the Office of Management and Budget (OMB) is set to revise sections of the OMB Guidance for Grants and Agreements. This proposed revision, shaped by feedback from Federal agencies and the public, reflects a commitment to reducing administrative burdens for both agencies […]
Photo by John Schnobrich on Unsplash The Federal Audit Clearinghouse (FAC) is on the brink of a significant transformation in its submission process, scheduled for implementation on October 1st, 2023. This pivotal shift involves not only a change in oversight, transitioning from the U.S. Census Bureau (Census) to the General Services Administration (GSA) but also […]
The IRS has officially released a process to allow taxpayers to withdraw Employee Retention Credit (ERC) claims. The plan is part of a larger initiative to protect taxpayers from ERC-related scams. Photo by Scott Graham on Unsplash What has transpired with the Employee Retention Credit (ERC), and how did we reach this point? Since the […]
Photo by Leeloo Thefirst In a bold move that has sent shockwaves through the financial world, the IRS has taken a drastic step to curb the influx of dubious Employee Retention Credit (ERC) claims. The tax agency, weary of the rising tide of questionable filings, has pulled the plug on new claims, effectively imposing a […]
Photo from Unsplash by Towfiqu barbhuiya Maintenance of transparency and trust with donors and stakeholders is crucial in the realm of nonprofit organizations. However, non-profits’ vulnerability to fraud can present challenging issues. This article explores the fraud triangle concept and its application in non-profit environments, including insights, examples, and fraud detection and prevention techniques. Non-profits may […]