What Exactly is FIN 48 and How Does It Effect Tax-Exempt Entities?
FIN 48 is an accounting standard that publicly traded companies have been complying with since 2007. Due to many comments and concerns about the standard, the implementation was delayed for nonpublic...
View ArticleAre you prepared to adopt Fin 48?
Starting in 2009, exempt organizations must adopt Fin 48 – Accounting for Uncertainty in Income Taxes. According to FASB, adopting FIN 48 is supposed to enhance the transparency of the exempt...
View ArticleFailure to File Return = Risk of IRS Revocation
Under the Pension Protection Act of 2006, most non-profit organizations are required to file certain information with the IRS. Certain organizations (like churches) are exempt from filing informational...
View ArticleUnrelated Business Income – Rules and Exceptions
At times the line between related exempt income and unrelated income can be narrow and gray. Because exempt organizations are not required to pay income taxes on “exempt earnings”, there are perceived...
View ArticleImpact of Health Care Reform on Nonprofits
In March 2010, Congress passed two broad pieces of legislation designed to reform the health care system in the U.S. The new legislation will have a significant impact on employers, including...
View ArticleThe Clock is Ticking…
The IRS has projected that 300-400,000 exempt organizations will lose their tax-exemption for failure to file the required annual return. Most tax-exempt organizations are required to file an annual...
View ArticleThe Sarbanes-Oxley Effect on Nonprofits
When the Sarbanes-Oxley Act was signed into law on July 30, 2002, it overhauled corporate governance practices for publicly traded companies, with a significant emphasis on the role of the board of...
View ArticleEmployer Benefits under New HIRE Act
On March 18, 2010, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act. Major benefits include tax cuts, business credits and subsidies for state and local construction bonds....
View ArticleIRS’ Radar (2010 Initiative)
According to Nanette Downing, the IRS has announced that “another major initiative during the remainder of fiscal year 2010 will be examining charitable organizations’ sources and uses of funds.” On...
View ArticleHousing Allowance for Members of the Clergy
It is quite typical for religious organization to provide a housing allowance for its ministers as part of their compensation. When this occurs, the organization and minister should be aware of what is...
View Article
