Contact Us Follow Us :       | Find Us |
CBIZ & MHM New England

Subscribe to Our Blog

Client Satisfaction Survey Results

ClientSatisfaction_new

Follow Us

Tax Extenders Come with Benefits for Tax-Exempt Organizations and Their Donors
Posted by Richard Scoresby on Mon, Jan 25, 2016 @ 03:14 PM

The passage of the Protecting Americans from Tax Hikes Act of 2015 (PATH) brought with it opportunities for long-term tax planning that benefit tax-exempt organizations. The PATH Act makes permanent several popular tax provisions, including measures related to:

  • Qualified conservation contributions,
  • Food donations,
  • Distributions from IRA accounts,
  • Payments from controlled entities to their not-for-profit parent organizations, and
  • S corporation charitable contributions

These provisions offer incentives for taxpayers to donate to charitable causes through deductions and other favorable changes to their tax liability.

Read More

Topics: tax, Non-profits, Not-for-Profits, Richard Scoresby, NFP, Tax Extenders

Does the Housing Provided to Your University’s President Pose a Tax Risk?
Posted by Richard Scoresby on Thu, Feb 26, 2015 @ 12:00 PM

tax_riskPresidents of educational systems often accept free or reduced-rate housing when they accept their position. Located on or near campus, the residences serve as a fringe benefit to the leadership role. In most cases, the value of the home is not included as part of the employee’s compensation package.

Section 119 of the Internal Revenue Code (IRC) allows university- or college-provided housing to be an income-tax-free fringe benefit for employees if the arrangement passes a three-part test. Recent movement by the IRS, however, suggests the three-part test may be more difficult to meet than you may think.

The IRS recently conducted an audit of Ohio University and found that the housing provided to its president did not qualify for tax-exemption. The IRS said the value of Roderick McDavis’s 7,000 square foot home, located on Ohio University’s campus, should be included as part of his eligible compensation and subject to income and payroll taxes. It is still unknown which part of the three-part test the university failed.

Read More

Topics: Richard Scoresby, university, tax risk

Three Ways to Ensure Your Sponsorship Avoids UBTI
Posted by Richard Scoresby on Tue, May 27, 2014 @ 09:12 AM

Qualified sponsorship payments (QSP) often play a key role in funding not-for-profits and bring mutual benefits to both the not-for-profit organization and the sponsoring company. The not-for-profit receives tax-exempt funding that eases budgetary pressures, and the sponsoring company can demonstrate its commitment to a charitable cause. Not-for-profits should be careful with sponsorship arrangements, however, because if certain precautions are not taken, there can be tax implications.

Read More

Topics: Richard Scoresby, UBTI, unrelated business taxable income

Popular Posts

Browse by Tag

see all