With increased Pentagon spending and the Defense Contract Audit Agency’s (DCAA) reduction and outsourcing of their Incurred Cost Submission audit backlog, government contractors should anticipate a significant increase in audit activity.
Nonprofits are now required to silo Net Operating Losses (NOLs) from one unrelated business activity so that it doesn’t create a reduction of taxable income from another profitable unrelated business activity.
When business owners have divergent goals, Section 1031 contains several provisions for like-kind exchanges and installment sales that can be used to satisfy all parties involved. Proactive tax planning can minimize and delay taxes due while allowing members to pursue their desired outcome.
Many tax-exempt organizations have filed their 990 series forms electronically for several years. Some smaller organizations are still submitting their 990, 990-EZ or 990-PF in paper form to the Internal Revenue Service (IRS).
Government spending has increased, leaving Congress no choice but to review the Pentagon’s enforcement of the law related to the incomplete and inaccurate cost and pricing data used to establish contract pricing. First implemented in 1962 to level the playing field during contract price negotiation, the law has left many government contractors raking in the profits today. But what may seem like a windfall could lead to a downfall.
Congress has passed a $1.4 Trillion spending bill to avoid a government shutdown which includes a repeal of the tax on nonprofit organizations that provided qualified transportation fringe benefits, otherwise known as the “parking tax”. Any nonprofit that may have paid tax on the transportation fringe benefits should file an amended 990T to claim a refund of the taxes paid.
Organizational leaders can spend less time on repetitive accounting tasks and more time connecting with clients and by using automated and cloud computing software. Learn how cloud accounting can save you time, money and frustration so you can focus on what matters most.
The tax reform bill of 2017 brought changes to the deductible amount from a for-profit company and now nonprofit executive’s compensation deductions are changing, too. Code section 4960 further explains the 21% excise tax on the amount of compensation paid by an applicable tax-exempt organization, ATEO.
No matter what type of board you serve, two major responsibilities are in order: to serve as a dutiful member and to raise future board members. While many board members are very successful in their own careers, the operation of a club is a different animal all together.
Donor contributions make up a lot of Virginia’s nonprofits’ annual revenue. Even though the organizations are not relying only on these contributions, nonprofit management has to understand how to account for these contributions in one of two ways.
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