Statement on Standards for Attestation Engagements No. 16, otherwise known as SSAE 16, provides guidance for service auditors
The work plan contains the IRS’s plans to look more closely at unrelated business income and, especially, at tax-exempt organizations that report unrelated business activities on Form 990 but do not file a Form 990-T.
A controversy over corporate sponsorship developed in the early 1990s when the IRS took the audit position that Mobil Oil’s sponsorship payment to the Cotton Bowl constituted taxable unrelated advertising income to the nonprofit that organized the Cotton Bowl.
Whether it is the result of declining public and private support, increased accountability or the need to expand the footprint of your mission in an era of funding changes; the age of nonprofit mergers seems to be upon us.
Ever wonder what the true costs are to operate your 401(k) type plan? As a plan fiduciary you are required to know so that you allow only reasonable fees to be paid from plan assets.
• What should I be looking for when I review my organization’s financial statements, and
• What questions should I be asking of the management team?
There are a variety of fundraising activities that nonprofit organizations employ to solicit contributions. These fundraising activities may include such things as direct mail, telephone solicitation, door-to-door canvassing, telethons, etc., and may include components that would otherwise be associated with programmatic or supporting service activities, but in fact support fundraising activities.
Because the IRS believes it can collect a lot of taxes, it is going to select 500 nonprofit organizations for payroll audits in each of the next three years (as well as a high number of for-profit companies).
Originally, with the passage of the new health care law, beginning in 2011, employers were to report health care benefits for employees. This amount would be reported on each employee’s form W-2, but it would not affect an employee’s individual taxable income.
Are you part of an Employee Benefit Plan or EBP? In the following BDO Seidman article, we discuss what happens when you don’t take advantage of such plans, and how you could be forfeiting a sizable personal investment. *