Industry News

Why Your Nonprofit Must Avoid Excess Benefit Transactions

By |July 6th, 2017|

Not-for-profits that ignore the IRS’s private benefit and private inurement provisions do so at their own peril. These rules prohibit an individual inside or outside a nonprofit from reaping an excess benefit from the organization’s transactions. Violation of such rules can have devastating consequences.

Defining terms

A private benefit is any payment or transfer of assets […]

Should Your Not-For-Profit Take Out a Loan?

By |June 7th, 2017|

Debt is an integral part of many for-profit companies’ strategic plans, yet it has traditionally carried a stigma in the not-for-profit world. That view is changing, as more organizations borrow money for major capital purchases, new program funding and other reasons. But before your nonprofit borrows, it’s important to understand that it takes prudent […]

Tax Increase Prevention Act of 2014

By |December 24th, 2014|

The Tax Increase Prevention Act of 2014 (the Act) was passed on December 16, 2014. Thankfully, the Act retroactively extends most the federal income tax breaks that would have affected many individuals and businesses, but only for one year through 2014. This leaves precious little time to take advantage of these tax breaks. The […]

2014 Year End Tax Planning Ideas

By |December 2nd, 2014|

Year-end planning will be more challenging than normal this year. Unless Congress acts, a number of popular deductions and credits expired at the end of 2013 and won’t be available for 2014. Deductions not available this year include, for example, the election to deduct state and local sales taxes instead of state and local […]

Update on Employer Reimbursements of Employee Health Insurance Premiums

By |December 2nd, 2014|

For plan years beginning after 2013, the Affordable Care Act (ACA) institutes so-called market reform provisions that place a whole host of new restrictions on employer-provided group health plans. These new restrictions apply to all employer-provided group health plans-including those provided by small employers with less than 50 employees. Furthermore, they were not affected […]

Deciding When to Start Receiving Social Security Benefits

By |July 29th, 2014|

Workers are generally entitled to begin taking monthly social security retirement benefits once they reach age 62. However, the full benefit will be permanently reduced for each month the benefits are received before the individual reaches the full retirement age. On the other hand, benefits increase if the individual delays receiving benefits until after […]

“If you watch your pennies the dollars will watch themselves”

By |July 29th, 2014|

An old saying, but interesting. I once had a client in the restaurant business. Fish and shellfish were delivered daily. The establishment paid the fisherman based on the number of pounds of fish and clams received. The owner had no way of verifying how much fish he actually received and grew increasingly concerned that […]