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Tag: organizations

Tax Bill Impact on Transportation Benefits

Its intentions are good, but the 2017 Tax Cuts and Jobs Act (TCJA) can have a negative effect on non-profit organizations in at least a couple ways. We’ll take a look at how one of the new provisions of the TCJA complicates the provision of what might be a much-needed benefit for some of your employees. Disallowed Benefits The IRS explains the tax code change, known as section 512(a)(7), under the heading “Increase in unrelated business taxable income by disallowed fringe.” This...

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Do You Have an Accounting Policies & Procedures Manual for Your Nonprofit?

By Diana Miller Updated 7/30/2019. Written documentation of your organization’s policies and procedures regarding accounting practices always makes sense, regardless of your line of business. But it’s particularly critical when yours is a not-for-profit organization. While the production of such a document can be highly detailed and time-consuming, it’s worth it. And it’s a job you’ll likely only do once — or perhaps just tweak periodically as laws or conditions change. Let’s...

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Preparing for a Financial Audit

By Randy Cohen “We’re being audited.” Those three little words can strike fear into the heart of any executive. Nobody likes the prospect of an outsider combing through the books and potentially exposing errors. Yet as unpleasant as a financial audit can be, with the right attitude and approach, it can prove a valuable tool for improving your business — and an auditor can be viewed as a trusted adviser instead of as an adversary. The key to an efficient and successful financial audit...

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