While not required, separating various scenarios for meals and entertainment is recommended. As a follow-up to our November article, Rules for Meals and Entertainment, here are some best practices for recording and deducting meals and entertainment expenses.
North Carolina requires nonprofit organizations that intend to directly solicit contributions within the state to hold a Charitable Solicitation License (CSL) before soliciting contributions.
On November 8, 2019, North Carolina Governor Roy Cooper signed legislation adopting market-based sourcing for corporate income tax apportionment purposes and requiring marketplace facilitators to collect and remit sales and use tax.
Several changes to the rules for deducting meals and entertainment were made by the Tax Cuts and Jobs Act (TCJA). Prior to the TCJA, meals and entertainment were either 100% or 50% deductible, depending on the nature of the expense.
Since donors play such an important role in the operation of a nonprofit, it is important for your organization to acknowledge each donation for a number of reasons.
The Internal Revenue Service announced the cost of living adjustments (COLA) for tax year 2020. These adjustments affect various limits for retirement savings plans.
The N.C. Department of Revenue recently published Form E-505 which summarizes recent sales and use tax law changes enacted by the 2019 Session of the General Assembly.
Major revisions to the withholding tables were made in January 2018 as a result of the 2017 Tax Cuts and Jobs Act. A new version of Form W-4 is expected to be released in November.
Volunteers are an integral part of many nonprofit organizations. Training will enable the volunteers to better understand and work more efficiently for the organization.
The establishment of core values in the early stages of a nonprofit’s operations is important because these core values allow donors to better understand the purpose of the organization.
