How to Calculate Nondeductible Employee Parking Expenses
Employer business deductions for qualified transportation fringes ended in 2018. The 2017 tax reform known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, amended Sec. 274(a)(4) by eliminating...
View ArticleWhy You Should Run Your Nonprofit Like A Business
It’s a well-known truism in the corporate world: Organizations that don’t evolve run the risk of becoming obsolete. But instead of anticipating and reacting to market demands like their for-profit...
View ArticleYou Can Claim Your Foster Pet on Your Taxes
If you’ve ever fostered a pet, you know the costs can add up: food, toys to keep them entertained, maybe they need grooming or you have to kennel them for a trip, and probably a vet bill or two before...
View ArticleWhy Kruggel Lawton Is Going Over the Edge
At Kruggel Lawton, we work hard to serve our KLients, not just as your accountants, but as active members of our community. That’s why KL is participating in Youth Service Bureau’s Over the Edge event...
View ArticleWhen Nonprofits Need To Register In Multiple States
Many not-for-profit organizations use fundraising methods that cross state boundaries. If your nonprofit is one of them, it may need to register in multiple jurisdictions. But keep in mind that...
View ArticleNonprofits: A Step-By-Step Guide for Successful ASU2018-08 Implementation
Most not-for-profit (NFP) entities are already in the process of adapting their accounting practices to accommodate the FASB Accounting Standards Update (ASU) No. 2018-08: Clarifying the Scope and...
View ArticleHow To Protect Your Nonprofit’s Credit Cards From Misuse
A hypothetical not-for-profit staffer named Britney had maxed out her personal credit cards. So when her car needed repairs, she reached for her employer’s card. She reasoned that she would come up...
View ArticleHow Nonprofits Can Take Advantage of Corporate Volunteers
According to the Society for Human Resource Management, 47% of companies offer a community volunteer program for employees. Chief Executives for Corporate Purpose has found that large companies are...
View ArticleSpecial Alert: Congress Repeals Onerous “Parking Tax”
The government funding legislation passed by the House on Dec. 17 and by the Senate on Dec. 19 includes repeal of Internal Revenue Code Section 512(a)(7), commonly referred to as the “parking tax.” The...
View ArticleCan Your Nonprofit Board Recognize Financial Red Flags?
A key fiduciary duty of your not-for-profit’s board of directors is to oversee and monitor the organization’s financial health. Some financial warning signs — such as the loss of a major funder — may...
View ArticleNonprofit Guide to the CARES Act and FFCRA
Much has been written about how the CARES Act and Families First Coronavirus Response Act (FFCRA) will help businesses. Nonprofit organizations are included in those relief efforts. We've shared some...
View ArticleFASB Defers Effective Dates of ASC 842 and ASC 606 for Certain Entities
Summary The FASB issued ASU 2020-051(“ASU”) to provide a one-year deferral of the effective dates of: ASC 842, Leases, for all private companies and certain not-for-profit entities ASC 606, Revenue...
View ArticleMain Street Lending Program Now Open To Nonprofit
Last week, the Federal Reserve announced that not-for-profit organizations now may apply for loans under the $600 billion Main Street Lending Program. Previously open only to for-profit businesses with...
View ArticleUsing Footnotes To Disclose Your Nonprofit’s Financial Information
Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters and other stakeholders with critical...
View ArticleNonprofits: How to Acknowledge Donor Gifts
Holiday-inspired generosity and the desire to reduce tax liability makes the end of the year a busy time for charitable giving. According to Network for Good and other sources, approximately 30% of...
View Article$900 Billion in Pandemic Relief Signed Into Law
Businesses, individuals benefit from provisions designed to keep the American economy afloat as uncertainty related to COVID19 continues. After months of negotiations, Congress passed an...
View ArticleHow well do your nonprofit’s development and accounting departments communicate?
Your accounting and development departments are central to the continued financial health of your not-for-profit. So what happens when communication between these two functions break down? It could...
View ArticleIt May Be Time To Tune Up Your Nonprofit’s Accounting Function
Many organizations get stuck in procedural ruts because it’s easier in the short term to continue doing things the way they’ve always been done. But it generally pays to regularly review your...
View ArticleNew Legislation Proposes To Help “Rescue” Nonprofits
No one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7% of not-for-profit workers — nearly one million people...
View ArticleIs 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. It has been updated and...
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