Nonprofit Parking Tax Repealed

Tax exempt organizations received good news prior to the end of 2019 with a provision included in the Consolidated Appropriations Act, 2020 that was signed into law on December 20, 2019.  The provision repeals the requirement in Internal Revenue Code Section 512(a)(7) for not-for-profits to treat as unrelated business taxable income (UBTI), amounts paid for… Read more »

New Year New Form W-4

Going into the 2020 New Year you will see changes to more than just resolutions. The 2020 Form W-4, Employee’s Withholding Certificate, is quite different from the previous versions. This new form comes from a federal tax law change that took place back in 2018. While the IRS is not requiring all employees to use… Read more »

Top Blog Posts of 2019

We’ve published a lot of content this year, but a few posts seem to be particularly popular! Here’s a review of our top blog posts that received the most attention this year. 1. Data flow Diagrams – Mapping Your Way to Better Security Data flow diagrams are focused on individual (or interconnected) business processes. It… Read more »

YHB Construction Industry Quarterly Update – December 2019

Now that we’re through the late Thanksgiving holiday, the month of December is already in full-swing.  In just a few short weeks another year will have come and gone. In this edition, we’ll take a look at construction project risk factors and some financial reporting considerations that should be top-of-mind ahead of your year-end close… Read more »

3 last-minute tips that may help trim your tax bill

If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest… Read more »

How to keep track of small tools and equipment

Whether it’s hard hats and drills on a jobsite, iPads in an office or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged and stolen items can quickly add up, consuming profits and cash flow. What can you do to manage these… Read more »

Charitable Contributions – The Effects of the Tax Cuts and Jobs Act of 2017

Almost a year ago, I wrote an article discussing the changes the Tax Cuts and Jobs Act of 2017 made to the deduction for charitable contributions starting for tax year 2018. In early 2019, while giving a brief presentation to a local fundraising professional’s organization on the charitable contribution changes, I was asked what changes… Read more »

Engage supporters with your nonprofit’s annual report

Some of your not-for-profit’s communications are of interest only to a select group of your supporters. But your organization’s annual report is for all stakeholders — donors, grantmakers, clients, volunteers, watchdog groups and the government. Some report elements are nonnegotiable, such as financial statements. But you also have plenty of creative license to make your… Read more »

Not-For-Profit Parking Tax

The nonprofit parking tax is a tax on the amount paid or incurred for providing parking benefits to employees. Not‐for‐profits will need to file the 990‐T to report the unrelated business income that is not really income; it is an expense. Although there has been an effort to repeal the tax, it has not happened… Read more »

Quick Hits on IT General Controls

If your company has any form of financial reporting requirements, then you likely have been inundated with auditors. While your auditors will ask a number of questions, there is one area of focus that can sometimes surprise management and staff; questions about information technology. In the audit world, this is most accurately described as IT… Read more »