Every year, Clark Nuber receives numerous e-mails and calls from clients who report that someone from the IRS is demanding money right away for past due amounts. These demands are generally followed by a threat of arrest, lawsuit, deportation, or other acts of intimidation. These communications are IRS scams. What are IRS Scams? IRS scams […]

On July 1, 2019, the Taxpayer First Act (TFA) was signed into law. The significance of this law centers on administrative procedures the IRS must enact in order to become a more taxpayer-friendly agency. The TFA sets new mandates to enhance the taxpayer experience through modernization, more efficient tax administration, increased cybersecurity, and stronger identity […]

Posted by: Frances A. Olson

Oftentimes, organizations that work across borders will come to Clark Nuber with their federal return, only to discover there are a lot more foreign operations reporting requirements than they anticipated. This article will cover the commonly overlooked areas, and we’ll note what questions you should be asking if you have international operations. A quick reference […]

Posted by: Sarah Huang

Issuing a donor receipt seems like a simple task, especially in today’s technological era. Many online giving platforms used by charities issue a receipt automatically, taking the burden off the development staff and reducing a charity’s overhead costs. Around the beginning of each calendar year, charities receive numerous requests from donors for receipts to support […]

Posted by: Sarah Wine

It’s no secret that financial statement audits tend to raise the anxiety levels among the people involved. To reduce your stress when preparing for your next annual financial statement audit, try this two-phase approach: prepare for the audit each month – don’t wait until year-end, start early – as soon as the year ends, begin […]

On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act, 2020. The bill will, in effect, create a flat net investment income (NII) excise tax rate of 1.39% for private foundations. Context Most private foundations are subject to an excise tax on NII, which includes interest, dividends, rents, royalties, payments pertaining to certain […]

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 […]

Posted by: Shelly Archuleta

In July 2019, the AICPA’s Audit Standards Board issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The new standard will have a significant impact on the highly specialized area of ERISA plan audits. Background For context, the Employee Retirement Income […]

Posted by: Candi Avery

Initially enacted in 1938, the Fair Labor Standards Act (FLSA) requires employers to provide their employees with a minimum wage and overtime pay. Unless certain exemptions are met, employees are eligible for overtime pay for any hour worked over 40 in a workweek. The overtime pay rate must not be less than one and one-half […]

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