Article Archives: 2014

Posted by: Mike Nurse

By Mike Nurse, CPA, CFE, CGMA For many people, the end of the year is a time filled with lights, magic, family and friends. However, it is also time to start thinking about yearly tax compliance reporting, and being prepared is critical for a smooth reporting process. One of the most common yearly tax requirements […]

Most organizations view the prospect of an audit by a federal or state taxing authority with trepidation, akin to the prospect of a root canal or a long weekend with the in-laws.  However, with the proper preparation and understanding of what the auditor needs to accomplish, much of this fear, loathing and dread can be […]

Posted by: Shelly Archuleta

By Shelly Archuleta, CPA Over the last decade, an increasing number of plan sponsors and third-party administrators (record-keepers) have moved to a paperless environment. Almost anything can be kept on a hard drive or in the cloud. Employee records and payroll data are often kept electronically without a hard copy being printed and stored in […]

Posted by: Cheryl R. Olson

By Cheryl Olson, CPA, CGMA Due to highly publicized fraud cases and poor governance practices, as well as state budget issues, more people are scrutinizing the activities of not-for-profit organizations. This, of course, results in greater board and committee member expectations, donor questions and new regulatory requirements. With all of this increased scrutiny, it’s essential […]

Posted by: Candi Avery

By Candi Avery, CPA, CGMA The City of Seattle will soon have the highest minimum wage in the nation. In June 2014, the Seattle City Council signed into law an ordinance that increases the minimum wage for employees working in the City of Seattle to $15 an hour over the next 3 to 7 years, […]

Posted by: Karen Dunn

By Karen Dunn, JD, LLM The IRS has increased its focus on unrelated business income (UBI) reporting. Because of this, the Advisory Committee on Tax Exempt and Government Entities (ACT) released recommendations to the IRS for specific changes to UBI reporting and additional guidance. Although the IRS’s focus is in response to the findings of […]

By Rebekah Stanley, JD, CPA The IRS has busted through the logjam of applications for recognition of exemption due in part to the now available Form 1023-EZ. A shorter application released in July, the 1023-EZ provides certain “small” organizations with a streamlined process for obtaining a determination. The IRS created the 1023-EZ to alleviate the ever-increasing […]

Posted by: Victoria Kitts

By Victoria Kitts, CPA, CFE You may have heard about the new Uniform Guidance for federal funding, (aka the “Super Circular”) that replaces the Office of Management and Budget (OMB) Circulars A-110, A-122, A-133 and others. In a previous Clark Nuber Not-For-Profit Newsletter article by Deby MacLeod, we learned about the biggest changes to the […]

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This standard will impact all entities that have contracts with customers, including not-for-profits. Many not-for-profit organizations are unsure how this new standard will impact them. Those concerns include which revenue sources the standard applies […]

Posted by: Joe Haberzetle

By Joe Haberzetle, JD, LLM Many Washington not-for-profits benefit substantially from the various property tax exemptions provided in state law. Private schools, churches, hospitals, museums and performing arts centers are among the organizations that can be granted exemptions from property taxes on the land and buildings they use, as well as on their personal property […]

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