Are Nonprofits Required to Pay Taxes for Employee Parking?

Under the Tax Cut & Jobs Act, nonprofits are required to allocate parking expenses provided to employees and report unrelated business taxable income (UBTI) on the transportation fringe benefit. Learn about the four-step process used to determine the amount of employee related parking expenses subject to UBTI.

2019-03-19T14:50:42-04:00February 22, 2019|Categories: Accounting, Not-for-Profit|Tags: , , |

Ten Tax Mistakes Ministers Make when Filing Taxes

Clergy members carry “dual tax status,” meaning they are considered “self-employed” for Social Security purposes but considered an “employee” for income tax purposes. Because of this dual status, many clergies do not file their taxes correctly and often miss-out on tax benefits. Understanding the following top ten mistakes clergy make when filing taxes will help you file correctly in the future.

2018-09-25T20:25:05-04:00September 25, 2018|Categories: Not-for-Profit|Tags: , |

Charitable Giving Hits All-Time High

In June 2018, Giving USA issued their annual giving report estimating charitable giving in the U.S. totaled $410 billion for 2017, an increase of 5.2 percent or $20.38 billion over the prior year. Giving by each of the four major types, Individuals, Foundations, Bequests, and Corporations, saw increases over the prior year.

2019-07-24T19:30:17-04:00September 11, 2018|Categories: Not-for-Profit|Tags: , , |

How Crowdfunding Can Help Nonprofits Generate Funding

Were you recently invited to donate to a friend’s Gofundme account, or have you participated in a colleague’s Kickstarter campaign? If so, you are not alone. Crowdfunding, the process of raising small contributions from a large number of people for a specific project facilitated through websites, has exploded over the years.

2019-03-14T15:38:50-04:00August 3, 2018|Categories: Not-for-Profit|Tags: , , |

Tax Reform May Negatively Impact Charitable Contributions

The 2017 Tax Cuts and Jobs Act (the Act) passed by Congress on December 22, 2017 marks the most significant tax law changes in over 30 years. Most taxpayers will see their tax liability decrease. The Congressional Budget Office estimates the Act will reduce tax revenues by $1.455 trillion over the next 10 years. But all is not good for non-profit organizations as there are changes in the Act that may negatively impact charitable contributions.

2019-07-24T19:50:28-04:00February 9, 2018|Categories: Not-for-Profit, Tax: Individual|Tags: , , |

When Are Activities of a Nonprofit Subject to Income Taxes?

A nonprofit will not ordinarily be taxed on its revenues.  However, income from unrelated business income is subject to tax (UBIT).  UBIT is based on [...]

2018-10-17T21:20:09-04:00June 19, 2017|Categories: Not-for-Profit|Tags: , , |

President Trump’s Proposed Budget Could Impact Your Nonprofit

On Tuesday May 23, President Trump released his budget request for 2018 entitled “A New Foundation for American Greatness.”  His stated initiative with this budget request [...]

2018-09-13T20:43:05-04:00May 23, 2017|Categories: Not-for-Profit|Tags: , |

Do You Know Your Fiduciary Duties as a Nonprofit Board Member?

Now is a good time to review the roles and responsibilities of your nonprofit board. Interest in the governance practices of nonprofit organizations has grown [...]

2018-09-19T21:55:11-04:00May 3, 2017|Categories: Not-for-Profit|Tags: , , |

A Whistleblower Policy Protects Not-For-Profits

Whistleblower policies allow individuals to report illegal or unethical practices without risking their career. While no federal law specifically requires not-for-profits to have a whistleblower [...]

2018-10-30T17:31:02-04:00February 21, 2017|Categories: Not-for-Profit|Tags: , , , , |