Practical Tips for Not-for-Profits at Year-End

The first month of the new year is always challenging with the many forms that need completing and the closing out of financial statements. Planning and preparation will provide your organization with peace of mind that you are ready for the financial requirements in 2021. As your organization gears up for 2021, here are practical tips for closing out your year and preparing for the next:

Vendors

Review your vendor list well before year-end to check that you have all Form W-9s. It is essential to have Form W-9s from all your vendors to ensure the IRS can match their EIN against the payments received.

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New Year Planning for Not-for-Profits

Strategy and planning play a critical role in ensuring your not-for-profit’s financial goals align with the organization’s mission statement. As your not-for-profit prepares for 2020, here are essential financial planning items to consider:

Annual Reporting Requirements:

  • Verify that your state registrations are up-to-date and current. Review annual filing deadlines for each state you must file in and check the status of your organization in each state.
  • Meet with your state and local tax accountant to ensure you are up-to-date on new state tax laws that may affect your organization.
  • Request that your revenues be reviewed for state tax implications,

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Year-End Tax Planning After the Election

By Anthony “Skip” Smith, CPA

Typical year-end tax planning advice expounds on the virtues of accelerating deductions and deferring income, where opportunities are both possible and economically viable. With the prospect of early 2017 GOP control in both the executive and legislative branches of the federal government, the strategy takes on a higher sense of urgency with the prospect that income tax rates may drop in the future.

Both the House GOP blueprint and President-Elect Trump have emphasized tax reform as a major goal. Tax reform involves both tax simplification and reduction of the marginal tax rates for C corporations,

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How Targeted Year-End Planning Will Help with Business Value Enhancement

By Julie Eisenhauer, CPA

Successful business owners invest time working on their business instead of in the business on a regular basis. Making the time to focus on business value enhancement, through defining a direction for the company, focusing resources, and setting priorities and action steps; is important to a company’s success.

Now is the time of year for business owners and management to review their current year successes, reevaluate their direction, and develop goals and action steps for the next year. This sounds like an easy step, but in reality, it can be an overwhelming task. Many would argue that the time spent on year-end planning can be time consuming and ineffective.

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Don’t be dazed by the holidays – do your year-end tax planning now

By now everyone should have filed their 2012 business and individual income tax returns. Before we settle into the holidays, let’s not forget to do some basic year-end tax planning.

The American Taxpayer Relief Act of 2012 (ATRA) passed in January 2013, as well as the Patient Protection and Affordable Care Act (Obamacare), contained significant tax law changes that take effect in 2013 of which taxpayers may not be aware.

3.8% Tax on Net Investment Income

What’s Included in This Tax?

The Affordable Care Act is funded by the addition of a 3.8% tax on Net Investment Income.

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