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How to Calculate Taxable Parking Expenses

Wendy Thompson

“Taxable expenses” seems like an oxymoron. What we are talking about is really expenses that are nondeductible to for-profits, and Congress decided that to put nonprofits on a level playing field, those expenses would be taxable. There has been a large uproar from the nonprofit community about these “taxable expenses” and even more so since the ... Learn how to calculate taxable parking expenses

Tax

IRS Confirms Tax Filing Will Open January 28

Yeo & Yeo CPAs & Business Consultants

The IRS has confirmed that it will begin accepting and processing 2018 tax returns on January 28, 2019, and that it will pay tax refunds despite the partial shutdown of the federal government. The IRS said Congress has directed the payment of all tax refunds through a permanent, indefinite appropriation. This year, the deadline to file ... Will issue tax refunds despite government shutdown

Lights

5 Ways to Boost Deductions for Charitable Giving

Yeo & Yeo CPAs & Business Consultants

The holiday season is fast approaching.It's the time when people traditionally make gifts to charities. Generally, year-end donations increase the charitable deduction you can claim on the personal tax return you'll file the next year. But 2018 is different from most previous tax years. From 2018 through 2025, the Tax Cuts and Jobs A... Learn the 5 ways to boost deductions

nonprofit

4 Nonprofit Tax Updates You Should Know

Mary Kreider

The Tax Cuts and Jobs Act (TCJA) is expected to cause some challenges for most in the nonprofit industry. While several significant tax law changes took effect in 2018, you should know and understand four of them now. Two of the provisions that are most likely to affect your nonprofit organization are changes in unrelated business taxable i... Learn about the 4 updates

Step by Step Guide for Starting a Nonprofit Organization

Mary Kreider

Starting a nonprofit organization can be a daunting prospect. You see a need in your community and want to do what you can to help. You know it’s possible to start a nonprofit, but the unfamiliar territory may hold you back. Let’s take a closer look at the steps that will allow you to get on your way to fulfilling your mission. Choose y... Learn more

Exchange Revenue Vs. Contribution Revenue

Wendy Thompson

Nonprofits are unique in that they sometimes obtain cash (or other assets) without providing an exchange of commensurate value. Accountants know that as contribution revenue. Sometimes it is hard to determine if a transaction is contribution or exchange revenue, or how to account for it, especially in cases involving government grants an... Learn more

Yeo & Yeo Hosting Nonprofit Board Member Training

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo’s Nonprofit Services Group will present complimentary training for nonprofit organization (NPO) board members. The training will focus on the responsibilities of nonprofit board members to oversee financial activities and implement best practices to protect the organization. This training will be beneficial for new board me... Learn More

Nonprofit Revenue Recognition – Exchange Revenues

Wendy Thompson

By now I am certain you have heard about the changes coming to revenue recognition for financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP). In the nonprofit world, these changes relate to exchange revenues, those transactions where both parties receive something of commensurate value. For nonpublic en... Learn More