How to Calculate Nondeductible Parking Expenses

Wendy Thompson

Legitimate business expenses – including parking expenses – that have always been deductible may now be nondeductible. There has been an increasingly large uproar about these nondeductible expenses since the regulations were released in December 2018 (Notice 2018-99). The regulations were billed as describing the process for nonprofits, but when... Learn how to calculate your parking expenses

Nonprofit

Nonprofit Quick Tip: Change in Net Asset Classes

Jessica Rolfe

The new FASB ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is now in effect for year-ends December 15, 2018, and later. One of the major changes with this standard is the change in classes of net assets to “without donor restrictions” and “with donor restrictions.” Not only does this standard change the lo... Read the nonprofit quick tip

Nonprofit

Lobbying and Political Expenditures for Nonprofits

Yeo & Yeo CPAs & Business Consultants

Nonprofits have strict compliance rules for what they can – or, more correctly, cannot – do related to lobbying and political expenditures. Although these terms seem to complement one another, they are in fact distinct from each other, and the layman’s understanding of the terms is not the same as the IRS’s definitions in most cases. Wor... Learn about lobbying and political expenditures for nonprofits

Advocating

Nonprofit Quick Tip: Code of Ethics

Mary Kreider

An organization’s code of ethics establishes the integrity and ethical values that provide a framework for decision-making. It guides behavior to be in support of the mission, for staff, board members, volunteers and others who work with the organization. The code of ethics is also an important step in creating a control environment wher... Read the nonprofit quick tip

Nonprofit

Nonprofit Policy Book and How to Inventory and Update Policies

Mary Kreider

Every nonprofit strives to advance its mission. The board of directors is responsible for guiding the organization in its pursuit of that mission. It is the board’s responsibility to ensure that all assets and activities are used to further the mission, that conflicts of interest are recognized and disclosed, and that the organization ob... Learn about the updates

Bulb

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