What Happens When a Donor Wants Money Back?
Whether or not nonprofit organizations can refund a donor’s contribution, however, depends on the size of the gift, the state’s regulations, and the impact of returning the gift. Learn more.
Exclusion for Gain on Sale of Primary Residence
In order to exclude the gain on the sale of your primary residence from your taxable income, you must pass two tests: ownership and use. Click for examples and to learn more about the requirements.
Responsibilities of the Board of Directors
A Board of Directors is legally responsible for the operation of the nonprofit organization for which it serves. In fact, individual members can be held personally liable for improper conduct if they breach their duties. Learn more.
Electric Vehicles – Update on Eligible Cars
Since the passing of the Inflation Reduction Act (IRA) of 2022, rules and limitations surrounding the Clean Vehicle Credit have become more complex. Read more about the updates.
Shareholder loans – What you need to know to avoid reclassification to equity
Loans are an integral part of most businesses. However, when loans are received from shareholders of the business, additional considerations must be made. Failing to do so can result in reclassifications that can prove costly when filing annual tax returns. Learn more.
Gambling and Taxes
The United States is currently experiencing a gambling boom. As gambling expands across the U.S. in the form of casinos, sports betting, fantasy sports leagues, lotteries and more, it’s important to understand the income tax implications of gambling winnings and losses. Find out more.
Is Your Non-Profit Ready for a Year-End Audit?
There are several things you can do to ensure your non-profit is audit ready. It’s important to have tight internal accounting controls, organized financial processes and timely month-end closing and review of your financial statements. Find out more.
New Leasing Standard: What do Nonprofits Need to Know?
As leasing standards transition from ASC 840 to ASC 842, the Financial Accounting Standards Board has outlined an implementation plan for the rollout. The new standard is now effective for all organizations with financial statement years beginning after December 15, 2021. Read more.
Nonprofit Deadlines to Remember
There are deadlines that may be applicable to nonprofit organizations with a year-end of June 30, 2023. Read more about deadlines to remember.
Vacation Home Rental Rules
If you own a second home that you are considering renting, you should understand the tax impacts. Click here to learn more.