year-end tax planning

Can I Still Claim the Employee Retention Credit?

September 20, 2022

Even though organizations can no longer pay wages to claim the Employee Retention Credit (ERC), they have up to three years from their original filing deadline to do a look back on their payroll during the pandemic and retroactively claim the credit by filing an amended tax return. Eligible employers can still determine if wages…

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Phishing attacks

Cybersecurity Risks: An Important Part of Your Auditor’s Risk Assessment

August 25, 2022

As businesses and nonprofits increasingly rely on technology, cyberthreats are becoming more sophisticated and aggressive. Auditors must factor these threats into their cybersecurity risk assessments. They can also help you draft cybersecurity disclosures and brainstorm ways to mitigate your risk of an attack. Increasing cybersecurity risks How much does a data breach cost? The average…

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Leave-Based Donation Programs

What To Do When Your Nonprofit Receives Quid Pro Quo Donations

June 9, 2022

Quid pro quo donations occur when a nonprofit receives a payment that includes a contribution, and the organization provides the donor with goods or services valued at less than the contributor’s payment. Among other things, these arrangements create reporting obligations for your nonprofit. If you don’t meet these obligations, the IRS could assess financial penalties.…

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deadline extended

Tax-Exempt Organizations: Filing Deadline Is Coming Up

April 25, 2022

Tax-exempt organizations that operate on a calendar year (CY) basis have a filing deadline of May 16, 2022, for certain annual information and tax returns with the IRS. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF) Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form…

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main street lending program

Are You Properly Classifying Your Nonprofit’s Workers?

April 11, 2022

Many nonprofits are understaffed in 2022, thanks to a labor shortage and pandemic-related budget shortfalls. Some organizations are filling the gaps with freelancers and contractors. However, such decisions can lead to trouble if these nonprofit workers should really be classified as employees according to the Department of Labor (DOL) or the IRS. To ensure your…

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financial audit

How To Prepare for Your Nonprofit’s Audit

March 7, 2022

Your nonprofit may not be required to undergo regular audits, but an audit can reassure donors and other stakeholders that you take your responsibility seriously. In addition, an audit can help you identify risks before they become problematic. Here’s how to initiate and prepare for an audit. Find and meet with an auditor Start by…

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