Your 2022 taxes are going to look different. Here’s what you should know.
Some credits and deductions are going, others are staying, and more than a few are still up in the air. We break down what you should know heading into tax season. Read more
Some credits and deductions are going, others are staying, and more than a few are still up in the air. We break down what you should know heading into tax season. Read more
Nonprofit organizations are often the recipients of “gifts” from donors. While many gifts (or, non-cash contributions) are beneficial to nonprofits, others can be more of a hassle than a benefit. Creating a “gift acceptance policy” can help nonprofits manage the expectations of donors while providing guidance for board and staff members about which gifts are acceptable and the procedures that need to be followed.
Read moreRecently, many nonprofit organizations have received federal financial assistance as a result of the COVID-19 pandemic. This could make them subject to a Single Audit for the first time. The OMB Compliance Supplement provides guidance for those who want to understand the rules their auditing team must follow. Read more about the 2022 Compliance Supplement in this post.
Read moreFor nonprofit organizations, a board of directors is responsible for ensuring the organization upholds its mission, safeguards its assets, and operates in the public interest. While there are many legal, practical, and ethical reasons for a nonprofit to have a board of directors, the common theme is that it sets the foundation for good governance.
Read moreCompanies that engage in research and development (R&D) activities are facing major changes in the deductibility of these expenses. Historically, the costs incurred for R&D activities was immediately deductible. Beginning January 1, 2022, costs incurred for R&D activities will have to be capitalized and amortized over 5 years for research activities performed in the U.S. and 15 years for those performed outside the U.S.
Read more