Impact of Changes to Unrelated Business Taxable Income for Exempt Organizations

The IRS recently issued proposed regulations regarding separately computing UBTI for each trade or business activity that could increase a not-for-profit’s tax exposure and liability.

2020-05-19T13:08:45-04:00May 19, 2020|Categories: Not-for-Profit|Tags: , , |

How the CARES Act Helps Non-Profits

The Senate and the House of Representatives have both passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  The bill provides $2.2 trillion of Federal funds to keep the economy functioning.  But what is in the law to aid Non-profits?

2020-04-13T14:43:25-04:00March 28, 2020|Categories: Not-for-Profit, PBMares COVID-19 Insights, Private Clubs|Tags: , |

New FASB Proposal Aims to Increase Financial Reporting Requirements for Not-for-Profits

Many not-for-profit organizations rely on donations. Tapping into the generosity of their stakeholders has always been an operational necessity. And in recent years, the giving environment has become more complex with changing legislation and tax policies.

2020-03-17T11:47:22-04:00March 17, 2020|Categories: Leaders: Not-for-Profit, Not-for-Profit|Tags: , , |

How Employers Can Comply with the DOL’s New Overtime Rules

After more than four years in the draft proposal stage and federal lawsuits, Congress recently enacted new overtime rules for white-collar workers.

Changes to Net Operating Losses of Unrelated Business Activities for Nonprofits

Nonprofits are now required to silo Net Operating Losses (NOLs) from one unrelated business activity so that it doesn’t create a reduction of taxable income from another profitable unrelated business activity. 

2020-01-21T13:20:14-05:00January 14, 2020|Categories: Not-for-Profit|Tags: , |

IRS Requires Tax-Exempt Organizations to File Forms Electronically

Many tax-exempt organizations have filed their 990 series forms electronically for several years. Some smaller organizations are still submitting their 990, 990-EZ or 990-PF in paper form to the Internal Revenue Service (IRS).

2020-03-17T11:48:30-04:00December 23, 2019|Categories: Not-for-Profit|Tags: , , |

Repeal of Nonprofit Parking Tax Announced

Congress has passed a $1.4 Trillion spending bill to avoid a government shutdown which includes a repeal of the tax on nonprofit organizations that provided qualified transportation fringe benefits, otherwise known as the “parking tax”. Any nonprofit that may have paid tax on the transportation fringe benefits should file an amended 990T to claim a refund of the taxes paid.

2019-12-20T18:19:11-05:00December 20, 2019|Categories: Not-for-Profit|Tags: |

Nonprofits Subject to High Tax Over Executive Compensation

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.

2019-12-03T14:21:12-05:00November 1, 2019|Categories: Not-for-Profit|Tags: , |

Recording Contributions with Donor-Imposed Restrictions

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.

2019-10-07T10:35:35-04:00October 7, 2019|Categories: Audit & Assurance, Not-for-Profit|Tags: , |

Tracking Not-for-Profit Grants and Program Metrics

Not properly tracking grants and program metrics daily and waiting too late to record them are all too common mistakes not-for-profits make. The good news is there are options available to tackle this problem. Many not-for-profit organizations are relying on outsourced accounting methods to help ensure nothing gets missed or delayed.

2019-07-24T19:12:06-04:00May 5, 2019|Categories: Not-for-Profit|Tags: , , |