Article Archives: 2019

Posted by: Rick Cooley

Qualified Opportunity Zone (QOZ) investing has been a hot topic in the financial press this year. As 2019 draws to a close, we’ve rounded up the facts and the lessons learned from QOZs and explained them below. Important deadlines are fast approaching, so if you’re planning to invest, it’s best to act on it soon. Remember that December 31, 2019 is the final date you can invest in a QOZ and see the maximum potential tax benefit.

What is an Opportunity Zone (OZ)?

An OZ is a designated economically distressed area identified by the State where the area is located and that is approved by the Treasury.

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Posted by: Mike Nurse

As we approach International Fraud Awareness Week (November 17-23, 2019), it is a great time to review the basics of occupational fraud and why fraud awareness is especially important for not-for-profits. Occupational fraud is any fraud committed against an organization by its own officers, directors, or employees. This article addresses why not-for-profits are frequently vulnerable to fraud, the financial and reputational impact of fraud, why people commit fraud, behavioral and operational red flags of fraud, and most importantly, a few simple and inexpensive steps you can take immediately to help mitigate the risk of fraud in your organization.

Why Not-for-Profits are Vulnerable to Occupational Fraud

All organizations,

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这是一篇关于如果通过合法手段,使国外捐赠符合美国税收减免的文章。 阅读中文版本,请按这里

International giving is picking up steam among U.S. taxpayers. As such, there is an increasing need for philanthropic advisors to help U.S. taxpayers understand how they can make tax deductible charitable contributions to overseas causes.

For some domestic donors, it’s the desire to help the people affected by international disasters. Others want to alleviate the problems of poverty and deadly but preventable diseases. The United States is also home to many individuals who were born in a different country or who have family still residing outside of the U.S. Because of this, there is often a strong desire to donate to causes in their home countries.

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Posted by: Julie Eisenhauer

Effective inventory management and menu pricing are common challenges for owners of restaurants of all sizes. To be successful, owners must manage expenses, monitor cost fluctuations, improve ordering processes and respond with timely menu price increases.

Preparing a profit and loss statement, and understanding how to interpret the results of the statement, provides an owner information needed to make effective operating decisions in a timely manner. This article defines what a profit and loss statement is, its key components, and warning signs.

What is a profit and loss statement?

The profit and loss statement (also called a P&L, income statement,

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Posted by: Julie Eisenhauer

As we approach the year’s end, this is a good time to consolidate plans for next year. For the hospitality industry, the Lodging Conference kicks that process off.

I recently attended the 25th annual Lodging Conference, where hotel owners and executives meet to strategize and learn about development, finance, management and operations.  I returned with beneficial information to share as you plan for 2020.

Economic Outlook

The conference began with an economic and geopolitical outlook presented by Bernard Baumohl, Chief Global Economist of The Economic Outlook Group.  He addressed the worries many of us have: Is a recession near?

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Posted by: Victoria Kitts

Has your organization completed an enterprise risk management assessment? Your external auditors may ask this question, and you may wonder why.

Your financial statements are audited annually by an independent audit firm. You have insurance policies in place, including insurance that covers cyber-attacks. Your staff keeps current on the list of federal, state, and local regulations that apply to your particular industry and operations. Why should you perform an enterprise risk management assessment?

Following is some background on this topic, and why it is of increasing importance and emphasis for all entities, including your small not-for-profit (NFP).

What is Enterprise Risk Management?  » Read more

In July of 2018, the IRS issued Revenue Procedure 2018-38. This new procedure reduced donor disclosure requirements on all organizations exempt under Internal Revenue Code §501(a), other than §501(c)(3) charities; §501(c)(7), (8), and (10) organizations accepting gifts for charitable purposes; and §527 political action committees. Thus, for all other tax-exempt organizations, the contributors’ names and addresses on the Form 990, Schedule B, Schedule of Contributors may be redacted even when submitted to the IRS.

Although reportedly implemented to relieve burden, the relief was not universally well-received. Two states sued. Montana was the first to prevail winning in District Court (Bullock v.

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Posted by: Cheryl R. Olson

This article originally appeared in the Journal of Accountancy ©2019 Association of International Certified Professional Accountants.

In a way, board oversight has the same impact on a not-for-profit organization that parenting has on a child. Performed effectively, board oversight provides the framework for the organization to grow and prosper. But when the board is dysfunctional or performs poorly, the organization’s chances of serious troubles multiply exponentially.

Cheryl R. Olson, CPA, CGMA, not-for-profit solutions strategist at Clark Nuber in Bellevue, Wash., and a member of the AICPA Not-for-Profit Advisory Council, recently shared her five most important tips for not-for-profit governance during JofA podcast:

Recruit board members with the time and skill sets that contribute to a well-rounded board.  » Read more

Posted by: Joe Haberzetle

Updated 9/18/2019, 9:15 PM

What Changed?

The Washington legislature recently enacted legislation that dramatically changes aspects of the state’s Real Estate Excise Tax (REET). Unless real property is classified as timberland or agricultural land, the REET rate structure will be changing on January 1, 2020. The current flat rate of 1.28% for the state portion of the REET will be replaced with a graduated rate.

The new rates will be:

  • 1.1% on the first $500,000 of the selling price;
  • 1.28% on the portion of the selling price between $500,000 and $1.5 million;
  •  2.75% on the portion of the selling price between $1.5 million and $3 million;

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Posted by: Kelly Rancourt

Each year, the Office of Management and Budget (OMB) issues a 2 CFR Part 200, Appendix XI Compliance Supplement (Compliance Supplement). The Compliance Supplement provides a road map auditors should follow when performing a Single Audit (established under the Single Audit Act of 1984) and explains how to test the various applicable compliance requirements.

Each year the Compliance Supplement is updated by both the OMB and the related federal agencies which issue funds that fall under Single Audits. In 2018, the OMB released a skinny version of the Compliance Supplement which included only changes to the supplement. Thus, auditors had to use the 2017 and 2018 Compliance Supplements in conjunction when performing audits.

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