Nonprofit

Implementation of the Lease Accounting Standard Has Been Delayed

Bradley DeVries

As you are probably now aware, the new lease accounting standard has been delayed. In July, the Financial Accounting Standards Board (FASB) voted to propose delaying implementation of the new lease accounting standard for non-public companies (which include private companies and nonprofit organizations) for one year. Based on this propos... Learn more about the delay

Business Owner

External Factors in a Business Valuation

Christopher Sheridan

Do you know what your business is worth right now? Practically speaking, it is worth what the highest bidder is willing to pay for it -- no more or no less. Nevertheless, by taking all the relevant factors into account, you can position yourself for the best possible deal. The first step is to have a business valuation prepared for your comp... Do you know what your business is worth?

Nonprofit

Nonprofit Quick Tip: Lease Inventory Policy

Bradley DeVries

Although the implementation of the lease accounting standard has been delayed a year for non-public companies, it is not too early to begin looking at policies to implement in advance of this new standard. To ensure effective implementation of this standard, it is critical that organizations maintain established processes to track the inventory ... Read the nonprofit quick tip

Nonprofit

Michigan Sales Tax Complexities for Nonprofits

Mary Kreider

Many nonprofit organizations believe that since the IRS has granted them tax-exempt status, the organization is exempt from all taxes. However, that is not the case, and Michigan sales tax is one area that significantly impacts most nonprofit organizations. The default treatment for sales tax for a nonprofit organization is the same as f... Learn more

Business-Team

Wayfair: Update on State Sales Tax

Kelly Brown

It has been a year since the landmark case of South Dakota v. Wayfair, Inc. was decided. One by one, states continue to pass economic nexus provisions for sales tax. Economic nexus requires out-of-state businesses to collect sales tax (on taxable goods and services) for states in which they are not physically present once the business re... Read the Wayfair Update

Nonprofit

How to Dissolve a Nonprofit Organization

Mary Kreider

A nonprofit organization may wind up its affairs and close its doors for many different reasons. Whatever the underlying reason is, it’s important to follow the proper steps to report the liquidation, dissolution or termination of your nonprofit organization to the IRS and the State of Michigan. The required steps will vary based on details part... How to dissolve a nonprofit

Nonprofit

Nonprofit Quick Tip: Liquidity Policy

Jessica Rolfe

ASU 2016-14, Presentation of Financial Statements for Not-for-Profit Entities, went into effect for year ends December 31, 2018, and later. One of the changes brought about by this standard was the required liquidity disclosure in the financial statements. As a result, nonprofit organizations should consider updating or creating a liquid... Read the Nonprofit Quick Tip

Nonprofit

Nonprofit Quick Tip: Social Media Policy

Mary Kreider

Social media allows nonprofits to interact and share their mission, vision, and core values with many audiences. Developing a social media policy to enact clear guidelines is essential in the development of a nonprofit organization’s online presence. A social media policy outlines how the organization and its employees should conduct the... Read the Nonprofit Quick Tip

Charity

Volunteering for Charity: Do You Get a Tax Break?

Yeo & Yeo CPAs & Business Consultants

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may seem like donations of s... Do you get a tax break?

Lobbying

Lobbying and Political Expenditures: A Nonprofit Perspective

Bradley DeVries

Within your nonprofit, be careful not to blur the lines between lobbying and political expenditures. Although these terms may seem alike, they are two distinct activities that carry significant compliance requirements and can impact your nonprofit’s tax-exempt status. Therefore, it is imperative to be well-versed in the compliance requir... Learn about the nonprofit perspective on lobbying and political expenditures