Not-for-Profit

Michigan Sales Tax Complexities for Nonprofits

Lauren Edgley

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

Do Your Part for Donors - IRS Substantiation Rules Apply to Contributors

Michael Evrard

Your donors are currently in the middle of filing their tax returns – it is very important to make sure that your organization is following the IRS’s donation substantiation rules so that your benefactors have the proof they need to deduct financial gifts. Proper documentation is also crucial so that your donors do not have any future pr... Learn More

Protect Your Future With Solid Operating Reserves

Tim Crosson, Jr.

Operating reserves are not a luxury—they are a necessity for financially savvy nonprofits. Organizations without adequate operating reserves leave themselves vulnerable to the financial instability and damaged reputation that interruptions in incoming revenue might bring. A recent report from the Nonprofit Finance Fund, a community de... Learn More

A Business Owner’s Key to Success: Focusing on the Big Picture

David W. Schaeffer

Why do so many businesses continuously struggle to make ends meet, while others appear to thrive year after year? Why do some business owners seem to have an unlimited amount of time to take family vacations and play active roles in their communities, while others work an excessive amount of hours and are seemingly chained to their business? On... Learn the Keys to Success

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 Kreider

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