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4 Things Not-For-Profits Can Do in 2018 to Make Adopting the Leasing Standard Easier
Posted by Heather Winiarski on Wed, Oct 31, 2018 @ 02:19 PM

The effective date for the new leasing standard under ASC Topic 842 will be here before you know it. Not-for-profit organizations that issue or are conduit bond holders for securities that are traded, listed, or quoted on an exchange or over-the-counter market begin adoption for fiscal years beginning after Dec. 15, 2018 (and interim periods within those fiscal years), and all other organizations must adopt the standard for fiscal years beginning after Dec. 15, 2019 (Jun. 30, 2021 financial statements).

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Topics: not-for-profit, NFP, tax-exempt, IRS, nonprofit, Leasing, asc topic 842, GAAP, Lease Standards

The Form 990 Roadmap Continued: Navigate the Alphabet of Supplemental Schedules
Posted by Lisa Burke on Thu, Oct 25, 2018 @ 11:43 AM

In the spring, we did a deep dive into the core Form 990 and provided compliance tips for Part I through Part XI. Keeping your supplementary schedules up-to-date is also critical to your compliance. Below are some tips for the Form 990 Schedule A, Schedule R and everything in between. If these schedules are applicable to your organization, the following information can help ensure that you are filing a complete and accurate Form 990 that presents your not-for-profit in the best light and helps avoid IRS scrutiny.

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Topics: not-for-profit, NFP, Lisa Burke, Form 990, tax-exempt, IRS, Form 990 Roadmap, Form 990 Schedules, nonprofit

Is Your Form 990 At Risk for an Exam?
Posted by Lisa Burke on Fri, May 11, 2018 @ 10:27 AM

The IRS may be faced with a declining workforce and budget, but it’s still active in monitoring compliance for not-for-profit organizations. In its 2018 work plan, the IRS stressed its data-driven approach to selecting Form 990s to examine. Each filed return is scanned and analyzed on 200 data points. Those meeting certain criteria are flagged for potential exam. Some of those data points include:

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Topics: not-for-profit, NFP, tax effect, Lisa Burke, Form 990, Form 990-EZ, tax-exempt, IRS

Make Your Form 990 A Roadmap for Donors, Board Members, the IRS and the Public
Posted by Lisa Burke on Wed, Apr 11, 2018 @ 02:22 PM

With the May 15th due date for calendar year not-for-profits just around the corner and provisions inthe Tax Cuts and Jobs Act increasing scrutiny on not-for-profits’ executive compensation, employee benefits, and unrelated business income, it’s a good time to take a look at the message your organization’s tax return is sending. In years past, the IRS Form 990 was no more than a compliance task; an annual filing requirement to keep the IRS at bay. After all, there is no tax due, so what’s the big deal?

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Topics: not-for-profit, NFP, tax effect, Lisa Burke, Form 990, Form 990-EZ, tax-exempt, IRS, Charity Navigator, GuideStar, Amazon Web Services

Data Analytics Drive Compliance Efforts in the 2018 IRS Work Plan for Not-For-Profits
Posted by Betty Isler on Tue, Oct 31, 2017 @ 01:50 PM

Data-driven analytics are here to stay when it comes to compliance enforcement for not-for-profit organizations. The IRS Tax Exempt and Government Entities FY2018 Work Plan outlines strategies and approaches that the IRS will use to monitor tax compliance for tax-exempt organizations.

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Topics: not-for-profit, Non-profits, NFP, Betty Isler, IRS Work Plan, IRS, NFP Compliance, 2018 IRS Work Plan, tax compliance, tax exempt bonds, tax-exempt organizations

Last Day Set for Restatement of 403(b) Plans
Posted by Diane Caron on Wed, Feb 22, 2017 @ 08:00 AM

The IRS recently provided guidance related to the restatement of 403(b) plans. It is anticipated that the IRS will be issuing approval letters to document providers for all 403(b) plans in early spring 2017. Once issued, all employers will be required to restate their 403(b) plans using pre-approved language.

In Rev. Proc. 2017-18, the IRS set Mar. 31, 2020, as the deadline for restating all 403(b) plans. The end of the restatement period (referred to as the remedial amendment period) is the date by which all 403(b) plans must be restated to remain in compliance with the 403(b) regulations. The restatement is retroactive to Jan. 1, 2010.

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Topics: not-for-profit, NFP, nonprofit, IRS, 403(b), 403(b) Plan Document Restatement

How Not-For-Profits Can Avoid Phishing Scams
Posted by Kyle Konopasek on Tue, Feb 21, 2017 @ 11:04 AM

The IRS recently announced that a Form W-2 phishing scheme is now targeting many not-for-profit organizations. Human resources departments in school districts, tribal governments and other not-for-profit organizations have reported receiving bogus emails asking for their employees’ W-2 tax information. For-profit companies have also reported suspicious W-2 related emails, which are similar to scams reported in 2016.

Email phishing is a form of social engineering that cybercriminals use to access your organization’s secure network or personally identifiable information. Cybercriminals use various spoofing techniques to create emails that look legitimate and manipulate users into responding or providing key pieces of information to unauthorized users.

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Topics: not-for-profit, NFP, nonprofit, phishing, IRS, scams, phishing scams

Advisory Group Makes Recommendations to the IRS on Tax-Exempt Requirements
Posted by Lisa Burke on Wed, Jul 27, 2016 @ 09:02 AM

The Advisory Committee on Tax-Exempt and Government Entities (ACT) recently held its 15th annual public meeting with the Commissioner and other top IRS officials. The ACT comprises national experts representing each of the five major jurisdictions of the TE/GE division: employee plans, exempt organizations, federal, state and local governments, Indian tribal governments and tax-exempt bonds.

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Topics: non-for-profit, Non-profits, nonprofit, ACT, TE/GE division, IRS

Regulatory Updates That Could Affect Your Not-For-Profit
Posted by Amy O’Loughlin on Mon, May 23, 2016 @ 02:56 PM

Regulatory reform rarely happens in sweeping changes. Most of the time regulatory updates are incremental, which makes monitoring the little notices from Congress or the IRS important for organizations of all sizes. Taken together, the little things can have a significant impact on your organization’s operations.

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Topics: tax, not-for-profit, IRS, IRS Updates, Amy O’Loughlin, Congress, Regulatory Reform

Reminders About Prohibited Political Activity and Other Considerations for Not-For-Profits in an Election Year
Posted by Brenda Booth on Tue, Apr 26, 2016 @ 04:46 PM

Elections have a tendency to permeate everything, from television coverage to social media and even conversations in the workplace. For not-for-profits, keeping politics out of the work environment is essential.

501(c)(3) organizations are, by the definition of their tax-exemption, absolutely prohibited from directly or indirectly participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office. As such, they should be carefully monitoring their activities and those of their employees for anything that could be deemed politicking. If organizations cross the line with engaging in politics, there could be serious penalties or loss of tax-exempt status.

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Topics: lobbying, advocacy, tax, election year, Brenda Booth, not-for-profit, IRS

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