Nonprofit
IRS Checklist for 403(b) Plans
403(b) plans have been a benefits staple of nonprofit organizations for many years. Up until 2009, the Internal Revenue Service…
How to Account for Website Development – Part 8
So far in this series, we have covered quite a bit related to the accounting treatment of website development costs….
Avoiding Management Letter Comments – Bank Reconciliations
Performing monthly bank reconciliations should be a standard practice for your organization. Occasionally, something goes wrong and a management letter comment is issued. Some…
IRS Phone Scam Resurgence
The IRS released information of a new phone scam, which over the years has gotten more sophisticated. The IRS never…
The Importance of Sourcing Software License Royalty Income
If a US company pays a royalty to a foreign company for the use of a software license, there is…
Substantiation of Charitable Contributions
The documentation requirements taxpayers must maintain in order to take a charitable contribution deduction on their tax return have been in place…
The Basics to Know About Foreign Tax Credits
1. Foreign Taxes Paid by a US Company Conducting Business Activities Directly in a Foreign Country or through a Foreign…
Work Opportunity Tax Credit for Tax-Exempt Nonprofits
Recent changes to the Work Opportunity Tax Credit (WOTC) have made incentives for hiring eligible veterans available to tax-exempt nonprofit…
Social Security Numbers on Form 990 = Identity Theft Risk
A recent study published by Identity Finder, a security and privacy software company, revealed that nearly half a million social…
Erroneous 990 Penalty Notices
The Journal of Accountancy is reporting that some tax-exempt organizations have received penalty notices for late filings even though they…