Article Archives: 2018

Posted by: Karen Dunn

Beginning in 2018, unrelated business taxable income (UBTI) must be computed separately for each unrelated trade or business. Net operating losses (NOL) from one unrelated trade or business may not be used to offset income from another unrelated trade or business. The unused NOL may be carried forward to future years but may only reduce […]

Posted by: Jamie Witt

Those who were using the Qualified Improvement Property (QIP) classification for bonus depreciation should take note of changes brought by the Tax Cut and Jobs Act (TCJA). Where We Were… Qualified Improvement Property (QIP) isn’t entirely new. The 2015 PATH Act created qualified improvement property, which is “any improvement to an interior portion of a building that […]

Posted by: Sarah Wine

Small to medium nonprofits often struggle to balance the fine line between having sufficient internal controls to protect the organization and having too many internal controls that become burdensome to their small accounting department. The following article covers ten easy-to-adopt internal controls that any small to medium sized nonprofit can begin implementing today. Overarching Controls […]

The Tax Cuts and Jobs Act’s change to the standard deduction provides opportunities for multi-year tax planning. The new law may affect charitable giving, depending on the taxpayer’s taxable income before their charitable deduction. Let’s take the case of a married couple and their three basic deductions: state and local taxes, home mortgage interest, and […]

For accounting professionals and many of their clients, the software or other digital services they use daily are no longer stored on local hard drives or overheated servers stuffed in a back closet. The professional world has moved on to using the cloud, but most states have still not affirmatively recognized this new-ish elephant in […]

Posted by: Julie Eisenhauer

By Julie Eisenhauer, CPA As we head into May and the prime tourism months of summer, it is an opportune time for hospitality professionals to evaluate the important responsibility they have in maintaining data security and privacy. One only has to read the headlines to realize that data security and privacy continue to be of […]

Not-for-profits (NFPs) rely heavily on the most current and innovative methods of communicating and receiving contributions from their supporters. Donor campaigns often use the latest social media platforms and payment methods as a means of staying up-to-date and securing important funds. NFPs and donors also increasingly rely on their smartphones as a preferred communication tool […]

Not-for-profit boards have three fiduciary duties: the duty of 1) care, 2) loyalty and 3) obedience. Part of the duty of obedience is the duty to comply with tax laws. Federal tax law requires boards to annually prepare and file an accurate Form 990 for their organizations. As part of the preparation process, exempt organizations […]

To expand sales tax revenues, some states are now searching for and using the presence of Internet cookies dropped across state lines to add to their coffers. These cookies are the colloquial expression for small snippets of software code stored on remote computers, phones, and other internet-connected devices. Cookies are extremely common. They’re what allows […]

Posted by: Cheryl R. Olson

The information provided by the finance departments and the development departments at not-for-profit organizations often does not agree and it doesn’t have to. What does have to happen is the numbers must be able to be reconciled from one to the other, especially if two separate reports are being provided to the Board of Directors. […]

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