By Mike Sorrells, CPA The Protecting Americans From Tax Hikes Act of 2015 (the Act), which was signed by the president on Dec. 18, 2015, contains many provisions that directly affect tax‑exempt organizations. Many recent tax provisions have been so-called “extenders,” which required passage of legislation annually in order for them to continue to remain in […]

By Kurt Miller, CPA Public sector employers, get ready. First you recorded net pension liabilities, now net OPEB liabilities. The Government Accounting Standards Board (GASB) Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, revises current guidance for financial reporting of most government OPEB plans. GASB Statement No. 75, Accounting and […]

By Laura Kalick, JD, LLM in Taxation Fifty-five percent of organizations applying for 501(c)(3) status in fiscal year 2015 applied using the new Form 1023-EZ. But the National Taxpayer Advocate, part of the Taxpayer Advocate Service (TAS), recently released a report to Congress indicating that the new form appears to have significant problems and that the Internal […]

Written by Michael A. DiMayo, CFP, CLU, ChFC & Kevin E. Myers, CPA, M.S. Taxation Principals of Oxford Risk Management Group, Michael A. DiMayo, CFP, CLU, ChFC and Kevin E. Myers, CPA, MS, explain the key industry considerations for CPAs Anyone interested in captives is probably aware by now that captive insurance companies made the IRS “Dirty Dozen” list posted last […]

An outside payroll tax service can relieve your business of many of the burdens in the preparation, filing and reporting of your payroll related obligations. NJ payroll taxes pose reporting requirements to businesses of all sizes. Large companies have payroll departments devoted to taking care of a business' payroll and employee benefits needs. Small and […]

By Tanya Erbe and John Yoak Many states have implemented incentive programs to offset the costs incurred by manufacturers who integrate sustainability initiatives in order to better the communities in which they work, live and play. The nature of these incentive programs varies by state and is generally tailored to a specific environmental issue. For those manufacturers […]

By Jeffrey Saltzberg, J.D. As not-for-profit organizations try to meet the growing needs of members and non-members by selling products and services delivered via the Internet, they may not realize that such products and services are subject to sales and use tax in a number of states. If the organization has nexus in one or more of […]

By Kimberly Flett, CPA, QPA, QKA Nonprofit organizations are subject to Affordable Care Act (ACA) requirements similar to those that apply to for-profit organizations. While there are some positive aspects of the ACA, there are also several challenges in complying with both the employer and individual mandates. As there are no exceptions for tax-exempt organizations, nonprofits face the […]

By Adam Cole, CPA, and Lee Klumpp, CPA, CGMA Before New York’s Federation Employment and Guidance Service (FEGS) filed for bankruptcy last year, nobody saw it coming. The legacy social services organization was 80 years old and had $260 million in revenues, but lurking behind those successes was a $20 million deficit. The nonprofit industry was rocked […]