It is critically important to be efficient as a nonprofit and not all solutions require significant spending. Organizationally, you must have key areas operating at a high level to be successful, including whose on your bus both from an employee but also a board level. Know who you are, differentiate yourself from the crowded nonprofit arena and get those who …
Nonprofits Are Not Immune to Maintaining Data Privacy
Everyday that goes by the cybersecurity risk to your organization continues to increase. Have you looked at simple policies in your organization and how you are maintaining customer data. This step by step explanation will help you assess your policies, or maybe help create one if you have been putting this off for another day. — Cheryl Guiddy, Harris CPAs …
Year End Accounting Update Summary – What’s On the Horizon?
New revenue recognition standards, among others, will have an impact on non-profit. The nonprofits that prepare for the future, will see themselves spending less time and incurring less frustration in implementing the new accounting standards on the horizon. — Cheryl Guiddy, Harris CPAs All entities, including nonprofit organizations, are facing the daunting task of addressing a slew of changes as …
The Tax Incentives Keeping the LED Lights On
Many real estate and construction industries unknowingly qualify for tax incentives surrounding the energy efficiency initiatives in new construction. Take a closer look at the cost saving opportunities. The following article has more information. — Josh Tyree, Harris CPAs Q&A with: David Diaz, Managing Partner at Walker Reid Strategies As energy efficiency initiatives become common procedure for new construction, many …
IRS Issues 2018 Work Plan for Tax-Exempt Organizations
With new IRS efforts at transparency, now is the time for nonprofits to review their work plan and develop a potential IRS audit strategy for the year ahead. For 2018, tax gap issues come to awareness. Unrelated business income and employment tax issues are important to note. The first step in resolving potential problems is a compliance check. — Cheryl …
Expanded Missing Participants Program
What Plan Sponsors Need to Know About Terminating Plans The Pension Benefit Guaranty Corporation (PBGC) is helping defined contribution (DC) and other plan sponsors looking to terminate their plans by expanding its Missing Participants Program. For more than 20 years, the program has been available to PBGC-insured single employer defined benefit (DB) plans only. Now, the final rule, published in …
Contractors, Don’t Wait to Act on Revenue Recognition!
The new revenue recognition standard is quickly approaching, so contractors are urged to act now. Revenue recognition standards will shift from a transfer of risks and rewards model to one based on transfer of control. Certain factors play a part in determining revenue recognition and what criteria is needed to qualify. Note several key actions to ensure that you are …