Blog
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Is your nonprofit paying enough attention to Generation Z?
Christina Parker Christina Parker

Is your nonprofit paying enough attention to Generation Z?

A new generation is spearheading social movements, volunteering for causes and making charitable donations. If your organization isn’t paying attention to Generation Z — the youngest cohort of adults — you may miss out on its energy and support. This demographic is particularly motivated by social justice issues and is financially generous. Here’s how to engage these individuals.

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The tax obligations if your business closes its doors
Christina Parker Christina Parker

The tax obligations if your business closes its doors

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income tax return and some other related forms for the year it closes its doors. The type of return to be filed depends on the type of bu siness you have. Here’s a rundown of the basic requirements.

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Election season is here! Watch your nonprofit’s activities
Christina Parker Christina Parker

Election season is here! Watch your nonprofit’s activities

Many states have already held primary elections, and the airwaves are clogged with candidate ads. Yes, the November “mid-terms” election season has begun! So now is a good time to review political activity restrictions that affect Section 501(c)(3) organizations.

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Find your nonprofit’s next leader with a team and a plan
Christina Parker Christina Parker

Find your nonprofit’s next leader with a team and a plan

A lot has happened in the past couple of years. So if your not-for-profit hasn’t conducted an executive search since before the pandemic, anticipate an altered search landscape. For example, the job market now is tighter and, given the prevalence of working from home, you may want to consider executive candidates outside your geographic area who aren’t willing to relocate. But, as always, an executive search plan can help the process. Before you start looking, form a search committee of board members and arrive at some consensus about the kind of leader you’d like to hire.

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For nonprofits, quid pro quo isn’t a simple exchange
Christina Parker Christina Parker

For nonprofits, quid pro quo isn’t a simple exchange

Quid pro quo donations occur when a not-for-profit 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. And if you don’t meet these obligations, the IRS could assess financial penalties.

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Help when needed: Apply the research credit against payroll taxes
Christina Parker Christina Parker

Help when needed: Apply the research credit against payroll taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses to undertake or increase their research activities. On the other hand, if you’re engaged in or are planning to engage in research activities without regard to tax consequences, be aware that some tax relief could be in your future. Here are some answers to questions about the option.

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2022 Q3 tax calendar: Key deadlines for businesses and other employers
Christina Parker Christina Parker

2022 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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2022 Q2 tax calendar: Key deadlines for businesses and other employers
Christina Parker Christina Parker

2022 Q2 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Businesses: Prepare for the lower 1099-K filing threshold
Christina Parker Christina Parker

Businesses: Prepare for the lower 1099-K filing threshold

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses and workers in certain industries may receive more of these forms and some people may even get them based on personal transactions.

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Businesses may receive notices about information returns that don’t match IRS records
Christina Parker Christina Parker

Businesses may receive notices about information returns that don’t match IRS records

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect name or have a combination of both. Each notice has a list of persons who received payments from the business with identified TIN issues. If you receive one of these notices, you need to compare the accounts listed on the notice with your records and correct or update your records, if necessary. This can also include correcting backup withholding on payments made to payees.

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CFO, yes or no? Here’s how to decide
Christina Parker Christina Parker

CFO, yes or no? Here’s how to decide

Whether your not-for-profit organization needs a chief financial officer (CFO) depends on many factors, such as the size of your organization, the complexity and types of revenue sources, and the number of programs you have. Static organizations are less likely to need a CFO than those with evolving programs and long-term plans that rely on investment growth, financing and major capital expenditures. So if your organization is expanding quickly, it might be time to consider hiring a financial executive.

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Time to spring clean your programming lineup
Christina Parker Christina Parker

Time to spring clean your programming lineup

Does your not-for-profit offer programs that may have started out promising, but have become disappointing? Do you have replacement programs in mind but haven’t yet secured funding for them? Consider subjecting your programming lineup to a good spring cleaning. That way, you can reallocate funds to offerings that have the best potential to meet your organization’s strategic objectives.

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Need Extra Hands? Try Local Companies
Christina Parker Christina Parker

Need Extra Hands? Try Local Companies

If your not-for-profit is trying to fulfill its mission with less volunteer help these days, you’re not alone. A December 2021 Gallop poll found that although donating to charity has largely returned to pre-pandemic levels, volunteering was still down. Only 56% of survey respondents said they’d volunteered in the past year, compared with 64% in 2017. Given this shortage of helping hands, you may w ant to appeal to companies in your community. Many employees are returning to the office, and those who aren’t may welcome opportunities to volunteer in person with their colleagues. This can be a one-day volunteer event or an ongoing program. An added bonus is that some employees likely will continue supporting your organization beyond their employer-sponsored volunteer work. Here are some considerations for setting up a corporate volunteer arrangement.

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Making Your Return to In-Person Fundraising Successful
Christina Parker Christina Parker

Making Your Return to In-Person Fundraising Successful

It’s been a long two years. But many not-for-profits are starting to plan in-person galas and other special events for this coming summer and autumn. If your organization is trying to get back to “normal” with a face-to-face fundraiser, understand that it’s likely to be more challenging to plan than in the past. Some of your usual supporters may no longer be able to help financially — or may have relocated and, thus, be unable to attend your fundraiser. Some goods are still in short supply, and almost everything costs more than it did two years ago. More than ever, you need to pay close attention to the numbers to help ensure your event is profitable.

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What charitable givers need to know about taxes
Christina Parker Christina Parker

What charitable givers need to know about taxes

Although most charitable donors aren’t primarily motivated by potential tax breaks, they still need to know how donations affect their taxes. It’s important for your not-for-profit to educate them — particularly as tax laws change. For example, in 2020 and 2021, even nonitemizers were allowed to deduct up to $300 and itemizers could deduct cash gifts up to 100% of their adjusted gross income (AGI) . These breaks have lapsed and aren’t available for 2022, unless Congress acts. The following summarizes laws that continue to affect donors.

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No audit required? Do it anyway
Christina Parker Christina Parker

No audit required? Do it anyway

Your not-for-profit may not be required to undergo regular audits. But an audit can reassure donors and other stakeholders that you take seriously your responsibility. An audit can also help you identify risks before they become intractable problems. Here’s how to initiate and prepare for an audit.

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Eyes on related parties
Christina Parker Christina Parker

Eyes on related parties

Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries and affiliated entities — may sometimes happen at above- or below-market rates.

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