IRS Resources for Nonprofits
Small to medium-size nonprofits have several responsibilities to maintain their tax-exempt status and may be unaware of some of the activities that can jeopardize it. The IRS has recently released many resources to help.
§179D Energy-Efficient Commercial Building Deduction Expanded to Benefit Non-Profit Organizations
For businesses contemplating a commercial project, the §179D deduction, a provision from the Inflation Reduction Act, is now available for any qualifying commercial energy-efficient building.
Why Do Nonprofits Need Financial Statement Services? Part 2: Federal Compliance
Federal compliance requirements like single audits require nonprofits to have financial statement services performed.
Why Do Nonprofits Need Financial Statement Services? Part 1: State and Grantor Compliance
Nonprofit compliance requirements vary from state to state. Private foundations, agencies, and other grantors often have their own requirements, too. It’s important for organizations to understand what these are before accepting any funding.
New Form 990-N Sign-In Process
Starting August 1, 2022, Form 990-N filers – small nonprofits – are required to use a more streamlined, modern online filing system. ID.me, the IRS’s ID authentication system, will be required for new users.
UBIT Primer for Exempt Organizations
Exempt organizations may be subject to extra taxes on certain income-generating activities. Many don’t fully understand the rules on unrelated business income, and could be unknowingly putting their organization at risk with the IRS.
Ways to Give Back: Alternatives to Establishing a Nonprofit
Individuals considering starting their own nonprofit may be underestimating the cost and complexity to operate a sustainable organization. There are alternatives, like working with an existing nonprofit, creating a donor-advised fund, and other options.
Not-for-Profit Document Retention Policies and Guidelines
Document retention policies are a necessary part of nonprofit management, but not everyone knows how to go about file storage. Now that organizations are back in the office, it’s an excellent time to review their document management strategy.
Free Resource Guides for Nonprofits
The VSCPA has released four free resource guides for nonprofit organizations to aid them in financial matters. Updated by specialists on the PBMares Not-For-Profit Team, topics include budgeting, income tax issues, responsibilities and risks, and auditing.
New Inclusive Employment Practices in Virginia
Governor Youngkin’s announcement in May provides an alternative hiring process for individuals with disabilities, part of a larger discussion about inclusive hiring practices. Which state agencies are affected and how can they comply?