Not-for-Profit

Get Ready for FASB’s New Lease Accounting Requirements

Jacob R. Sopczynski

Winter is coming, and so are changes to accounting standards. Changes in revenue recognition were introduced recently and now changes are coming for lease accounting. Although FASB’s Accounting Standards Update of Topic 842 isn’t effective for nonpublic entities until years beginning after December 15, 2019 (years beginning January, 1, ... Learn More

Accelerated Filing Deadline for 2016 Form W-2 and Form 1099

Yeo & Yeo CPAs & Business Consultants

Employers and small businesses will soon face a new filing deadline for Form W-2 reporting wages and Form 1099-MISC reporting non-employee compensation. This new deadline was enacted by the PATH Act of 2015 to help the IRS verify the legitimacy of tax refunds before issuing them. Beginning with the 2016 forms (those filed in 2017),... Learn More

FASB Update: Presentation of Financial Statements

Yeo & Yeo CPAs & Business Consultants

The FASB recently released the first of two phases of its project to improve the financial reporting for not-for-profit (NFP) entities. Read the Accounting Standards Update. Who will be affected? The amendments in this update affect all NFPs and the users of their general purpose financial statements. What are the main ... Learn More

Nonprofits Should Personalize GuideStar Profile to Increase Visibility

Lauren Edgley

GuideStar is a website that provides impartial information about nonprofit organizations to the public for free. The website receives basic details about the organizations from the IRS, including contact information and a copy of Form 990. However, GuideStar encourages each nonprofit to claim its own profile in order to provide in-dept... Get Started

Lost Your Tax-exempt Status? Get it Back.

Mary Krieder

For most tax-exempt organizations, Form 990, 990-EZ, 990-PF or 990-N (e-Postcard) is required to be filed each year with the Internal Revenue Service. If an organization fails to file for three consecutive years, it will automatically lose its tax-exempt status on the original filing due date of the third annual return or notice. &nbs... Learn How

Throw a Company Picnic for Employees This Summer and Enjoy Larger Deductions

Yeo & Yeo CPAs & Business Consultants

Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Deduction limits Generally, businesses are limited to deducting 50% of allowable meal and entertainment expenses. B... Learn How

Best Practices for Effective Donor Acknowledgment Letters

Bradley DeVries

Donor contributions are often a primary source of unrestricted funds for many nonprofit organizations. Therefore, look to acknowledgment letters as an opportunity to strengthen donor relations – use them as a means to celebrate an organization’s successes and keep donors’ contributions rolling in. The multi-purpose acknowledgment lette... Read More

Department of Labor’s Final Rule on Overtime Signals Big Changes for Companies

Yeo & Yeo CPAs & Business Consultants

The U.S. Department of Labor (DOL) has issued the “Final Rule” version of its amendments to overtime pay requirements, affecting more than four million workers who may qualify for overtime pay. The new rules will take effect December 1, 2016.  The new rules include changes to the criteria used to define overtime exemptio... Learn More

What Picture Are You Painting With Your Form 990?

Michael Evrard

Many nonprofit organizations view the Form 990 as a “tax return” – a document that is tedious to complete, and that must be filed with the IRS as one of several requirements to maintain tax-exempt status. However, Form 990 is not really a tax return at all. The core Form 990 and its various sub-schedules are more accurately described a... Read More