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Reminder: Time to Consider Restating Your 403(b) Plan Document
Posted by Bernard Kaplan on Fri, Feb 23, 2018 @ 04:03 PM

It seems like yesterday that employers sponsoring 403(b) plans went through the process of obtaining written plan documents.  Employers must now again face the process of rewriting their 403(b) documents.  The IRS recently announced that employers have until March 31, 2020 to restate their 403(b) plans into IRS pre-approved documents in order to have reasonable assurance that the plan document as written is in compliance with current law.

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Topics: Bernard Kaplan, 403(b), Diane Caron, 403(b) Plan Document Restatement

The Impact of the New Tax Law on Not-For-Profits
Posted by Craig Klein on Mon, Feb 5, 2018 @ 01:07 PM

Not-for-profit organizations will face some critical challenges as the new tax law begins to take effect.  The Tax Cuts and Jobs Act (TCJA) had to be paid for in order to be passed, and a result, new taxes were added to offset the costs of the 40 percent reduction in corporate tax rates and 20 percent deduction to owners of pass-through entities.

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Topics: Amy O’Loughlin, executive compensation, Craig Klein, Taxes, Congress, estate tax, Tax Reform, House of Representatives, senate, Charitable contribution planning, not-for-profit tax

Attention Massachusetts Not-For-Profits: File Form 3ABC by 3/1
Posted by Chrissy Hammond on Fri, Feb 2, 2018 @ 09:06 AM

Massachusetts-based eligible charitable organizations are permitted exemptions for certain personal and real property. Organizations should be preparing now to file the Massachusetts "Return of Property Held for Charitable Purposes" (State Tax Form 3ABC).

The mandatory form provides a full or partial tax property tax exemption for an organization’s real or personal property so long as the organization files it no later than March 1, 2018. It is due at the Assessor's Office in each city or town in which your organization owns personal and/or real property on January 1 in order to receive a local tax exemption on that property for the fiscal year that begins the next July 1.

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Topics: Massachusetts, non-for-profit, Form 3ABC, nonprofit

What Did the FASB Have to Say About Tax Reform?
Posted by Mark Winiarski on Fri, Feb 2, 2018 @ 08:56 AM

The FASB met Wednesday, Jan. 10, 2018, and discussed how companies should account for the effects of the new tax law, introduced as H.R. 1 (Tax Cuts and Jobs Act). The discussion addressed six different financial reporting issues related to the new tax law and has already resulted in the issuance of a FASB Staff Q&A.

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Topics: FASB, Mark Winiarski, Tax Reform, Tax Reform Act, tax reform bill

Operating Reserves and the Not-For-Profit Organization’s Budget
Posted by David Brown on Thu, Feb 1, 2018 @ 04:55 PM

Organizations evolve. Operating environments change, and not-for-profit organizations can expect to feel a financial impact from the new tax legislation. Looking at your budget and operating reserves now can help your organization be prepared for what comes next. There are plenty of factors that weigh in on your bottom line, but the need for adequate operating reserves is a significant factor in maintaining financial stability.

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Topics: David Brown, not-for-profit, nonprofit, cash reserves, operating environment, tax legislation

CBIZ & MHM to Present at Upcoming 2018 AICUM Spring Symposium
Posted by Chrissy Hammond on Thu, Feb 1, 2018 @ 01:06 PM

Craig Klein, Tax Managing Director in the Not-For-Profit & Education practice, will lead a breakout session entitled, "Tax Reform and its Impact on not-for-profit Higher Education" at the Association of Independent Colleges & Universities in Massachusetts (AICUM) 2018 Spring Symposium. The symposium will be held on Wednesday, March 21, 2018 at Bentley University.

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Topics: AICPA, NFP, NFP Conference

Cybersecurity Risks in the Season of Giving
Posted by Ray Gandy on Wed, Dec 20, 2017 @ 01:53 PM

December is a giving time of year, and not-for-profit organizations may be on the receiving end of some financial gifts. Individuals and businesses have strong tax incentives to make charitable contributions before the calendar year wraps up, and as a result, donations may be flooding in. 

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Topics: not-for-profit, NFP, cyber attacks, Ray Gandy, cyber security, Holiday cyber risks

7 Lessons Not-For-Profits Learned From Early Adopting the New Financial Statement Standard
Posted by Michelle Spriggs on Tue, Dec 19, 2017 @ 04:57 PM

Not-for-profit organizations have a year to work on their new financial statement presentation requirements. Changes released in August 2016 affect the financial statement presentation of net asset classification, governing board designation, investment return, underwater endowment funds, capital gifts, expenses, liquidity and operating cash flows. Organizations will need to have the changes ready to go for their 2018 calendar year-end filings (Dec. 31, 2018 or 2019 fiscal year end filings, e.g. June 30, 2019).

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Topics: not-for-profit, Michelle Spriggs, NFP, nonprofit, Not-for-profit financial statement, financial statement reporting, financial statement presentation requirements, Financial Statement Standard

6 Tips for Retaining a Not-For-Profit CFO
Posted by Jay Meschke on Mon, Dec 18, 2017 @ 04:58 PM

Not-for-profit chief financial officers (CFOs) fill many roles, and may be involved in decisions ranging from accounting to real estate and administration. The smaller the organization, the more likely it is that your CFO covers a wide range of responsibilities. He or she could be providing oversight over finance teams while also creating a high level strategy for financial and investment decisions.

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Topics: CFO, not-for-profit, NFP, nonprofit, not-for-profit talent, retention, Jay Meschke

How Not-For-Profit Organizations Can Drive Organizational Change through Internal Coaching
Posted by Leslie Anderson on Thu, Nov 30, 2017 @ 12:54 PM

High-performing not-for-profit organizations are by design, not default. They begin and end with high-performing individuals. Not-for-profits face some challenges competing for talent in the marketplace. Although the jury’s still out on how pay and benefits in the not-for-profit sector compares with the for-profit sector, not-for-profits may have a smaller recruiting budget than their for-profit counterparts. They may also not have the fully developed leadership programs that many for-profit corporations use to enhance the skillset of talented staff. As a result, not-for-profits may have a harder time attracting and retaining the high-profile talent they need to become that high-performing organization.

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Topics: Not-for-profit leadership, Executive coach, Internal Coaching, Socratic Method, Leslie Anderson, leadership programs

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