Nonprofit Deadlines to Remember
There are important nonprofit deadlines to remember for organizations with a year-end of December 31, 2023. Read more for a complete list of due dates.
Charitable Deductions of Non-Cash Items — When Are You Required to Substantiate?
Numerous reputable charities embrace various kinds of assets or property (e.g., clothing, household appliances, furniture, artworks, and etc.) to support their charitable mission. The non-cash charitable contributions, however, must satisfy rigorous substantiation criteria to qualify for the deduction. Read more.
NC Pass-through Entity Tax and How it Impacts Individual NC Resident Returns
On April 3, 2023, the North Carolina General Assembly passed legislation that enacted changes to the legislation passed in November of 2021 to the pass-through entity tax (PTET) for qualifying partnerships and S-Corporations filing North Carolina income tax returns. Learn more.
Recent Updates Regarding the North Carolina Budget Bill
On September 22, 2023, the 2023 Appropriations Act passed the NC General Assembly and became law on October 3, 2023. Taxpayers should be aware of the changes and their effective dates. Learn more.
GBM LINKS Organizer
Ever wonder “What information does Gilliam Bell Moser need to complete my business’s tax return, and how will I get it to them?” We have the answer! Our LINKS Organizer is the right tool for the job. Learn more.
IRS Announces 2024 Pension Plan Limitations
The Internal Revenue Service announced the cost of living adjustments (COLA) for tax year 2024. Click above to view the full listing of COLA updates and a sample Participant Notice.
Introduction to Different Types of Retirement Plans
Retirement plans are designed to help individuals save and invest money over their working years so they can have a stable income during their retirement. There are several types of retirement plans available, each with its own features, benefits, and tax implications. Learn more.
What is Unrelated Business Income Tax (UBIT)?
An exempt organization is required to file Form 990-T when it has $1,000 or more gross income from unrelated business. An organization must pay estimated tax if it expects its tax for the year to be $500 or more. Read the full article to learn more.
In-Kind Donations – What are They and Should They be Recorded?
Non-profit organizations often rely on in-kind donations of various types to carry out their mission. Should these in-kind donations be recorded in your accounting records? Find out more.
Succession Planning for Nonprofits
There are many risk management strategies to safeguard sustainability of a nonprofit organization, one of which is succession planning. Succession planning is a duty of the board of directors and management of a nonprofit. Read more.