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To control your nonprofit’s expenses and improve operating efficiency, you need to keep an eye on the numbers. This should come as no surprise, but which measures are important? Which ratios can help you identify how much currently goes toward programming (as opposed to administration), how much you spend on fundraising (compared to funds raised),…
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Deferred taxes are a confusing topic and the accounting rules for reporting these items often seem to defy the logic of real-world economics. Here’s a brief overview to help clarify matters. What are deferred taxes? Companies pay income tax on IRS-defined taxable income. On their Generally Accepted Accounting Principles (GAAP) financial statements, however, companies record…
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The IRS released its annual list of “Dirty Dozen” tax scams, which helps raise awareness to protect honest taxpayers from aggressive promoters and con artists. These schemes put people at financial risk and increase the chances people could become victims of identity theft. Many of these schemes peak during filing season as people prepare their…
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If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why. Personal liability A big benefit of an S corporation over a partnership is that as S corporation shareholders,…
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Although failing to file a Form 990 with the IRS when required to do so is probably a more serious mistake, filing it with data errors isn’t recommended. Your nonprofit should strive to be as accurate as possible when preparing accounting and other tax documents. Carelessness can cost you support from donors and grantmakers and,…
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Buchbinder Tunick & Company LLP was acknowledged by Accounting Today as one of the Top Regional Leaders for 2023 in the Mid-Atlantic region, which includes New Jersey, New York, and Pennsylvania. Buchbinder has been ranked as a Top Regional Leader by Accounting Today for several years and the firm is proud to make the list…
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