The tax reform bill of 2017 brought changes to the deductible amount from a for-profit company and now nonprofit executive’s compensation deductions are changing, too. Code section 4960 further explains the 21% excise tax on the amount of compensation paid by an applicable tax-exempt organization, ATEO.
Donor contributions make up a lot of Virginia’s nonprofits’ annual revenue. Even though the organizations are not relying only on these contributions, nonprofit management has to understand how to account for these contributions in one of two ways.
The Defense Contract Audit Agency recently questioned the allowance of subcontractor costs, not based on their reasonableness, but on the contractor’s lack of supporting documentation as defined in the cost principle. Government contractors can protect themselves and recover the costs they are owed, but there are steps to follow and documents to submit.
Managing a concentrated stock position involves more than just knowing a little about stocks and trying to predict the market. Concentrated stock can be accumulated in many ways and can bring with it risk hurtful to your portfolio, and to your pride. Having a plan in place customized to your unique stock concentration issues can help achieve your financial goals.
One recently overlooked item of the Tax Cuts and Jobs Act for companies involved with a syndicate or tax shelter is business interest expense limitation. Don’t be caught off guard. Proper planning and reporting can help preserve your current year deduction.
For government contractors, it is important to recognize your ethics and business conduct program must be tailored to your company’s specific risk profile. This is a dynamic compliance process and has to be monitored and revised accordingly to keep it relevant and effective. Does your company’s business conduct and ethics program meet the necessary requirements?
While a club may be tax-exempt, it may be subject to tax on its unrelated business activities. Read on to learn more as well as to download PBMares' “Member Function Questionnaire” for help in gathering the information required by the IRS.
Handling rehired employees correctly in a retirement plan can be difficult. Just because you allowed your last rehire to reenter the plan immediately doesn’t mean you will do it with your next rehire. Learn the requirements to consider when you reenroll an employee.
Government contractors’ incurred cost proposals include all costs incurred during the fiscal year on both commercial and government contracts. For those with fiscal years the same as calendar years and work was performed on cost reimbursable and/or time and material contracts that include the Allowable Cost and Payment clause at FAR 52.216-7, it’s time to begin preparing and submitting your incurred cost proposal/submission.
Washington, D.C. officials helped bring baseball back to the nation’s capital in 2008 by establishing a Baseball Fee. Initially, only businesses with a physical connection to the district had to pay the fee. However, businesses now have to pay it if revenues from services were delivered to customers located there, regardless of where the service was actually performed.