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Are Your Benefit Plan’s Alternative Investments Generating Taxes?
Posted by Lisa Burke on Thu, Aug 1, 2019 @ 05:35 PM

Alternative investments offer attractive features for employee benefit plan sponsors. Investments in real estate, businesses, and partnerships tend to yield higher rates of return when compared to traditional investment vehicles like stocks, bonds, and mutual funds. But those alternative investments could also come with tax consequences. Plan sponsors may not be aware that their plan investments are generating unrelated business taxable income (UBTI), which could lead to compliance issues.

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Topics: tax-exempt, not-for-profit, IRS, UBTI, unrelated business taxable income, NFP, nonprofit, UBIT, Lisa Burke

Recent Developments in UBTI for Not-For-Profits
Posted by Lisa Burke on Thu, May 30, 2019 @ 05:46 PM

Not-for-profit organizations have a long-standing debate with regulators about whether revenue generated by certain organizational activities should be taxable. In the 1940s and the 1950s, the IRS noticed that more and more not-for-profits were reporting non-charitable business income alongside their charitable revenues. These organizations were applying their tax exemption to revenues that would otherwise be taxable as corporate business income. There were growing concerns that this created a competitive disadvantage for their for-profit counterparts that were required to pay tax on identical revenue streams.

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Topics: tax-exempt, not-for-profit, IRS, UBTI, unrelated business taxable income, NFP, nonprofit, UBIT, Lisa Burke

IRS Relaxes Hardship Withdrawal Rules for Not-For-Profits
Posted by Diane Caron on Wed, Dec 19, 2018 @ 12:42 PM

Recently, the IRS made several changes to the rules related to hardship withdrawals for not-for-profit organizations. The changes may be adopted by plan sponsors as early as Jan. 1, 2019 or, if later, the first day of the plan year beginning after Dec. 31, 2018.

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Topics: not-for-profit, IRS, 403(b), NFP, nonprofit, hardship withdrawals

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

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

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

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

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, IRS, Non-profits, NFP, tax compliance, Betty Isler, tax exempt bonds, NFP Compliance, 2018 IRS Work Plan, tax-exempt organizations, IRS Work Plan

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, IRS, 403(b), NFP, nonprofit, 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, IRS, NFP, nonprofit, scams, phishing scams, phishing

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