Best Practices for Effective Board Meeting Minutes
Board meeting minutes may seem like a formality. However, they can become critical documents if your nonprofit is ever audited by the IRS.
Social Security Wage Base for Employees and Self-employed People Increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax.
Why Your Nonprofit’s Board Needs to be Diverse
Ideally, a nonprofit’s board of directors should mirror that of its community and clientele. Does yours? Identifying that your board needs more diversity is the easy part, though. Figuring out what to do about it can be more difficult. But it’s important because it can affect your funding and program effectiveness.
What Types of Expenses Can’t be Written Off by Your Business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”
Planning Ahead for 2024: Should Your 401(k) Help Employees with Emergencies?
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.”
Nonprofits: Special Events Call for Tax Planning
Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to facilitate the reporting process later. Pay attention to the following issues.
What to do if Your Nonprofit Receives an IRS Audit Letter
In recent years, the IRS has increased its scrutiny — including actual audits — of nonprofits. Do you know what to do if your organization receives an audit letter?
Breaking Down the CARES Act – What You Need to Know
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19).
Is Your Nonprofit Complying With Federal Procurement Requirements?
“Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance) applies to all not-for-profits that accept federal funding.
Lookout for Fraudulent Unemployment Insurance Activity
While unemployment numbers are on the rise, so are cases of fraud being committed to claim unemployment benefits.
