The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions.
Should your nonprofit board designate unrestricted assets? Board-designated assets can provide a foundation and help ensure that funds are available when you need them. However, there are responsibilities involved.
Take your audited financials to the next level by implementing the improvements contained in the management letter.
With the April tax filing deadline in the rear view, now is the time to take certain tax-related action steps in preparation for next year.
Planning an in-person fundraiser for the first time since the start of the pandemic? Be more careful than usual, especially given current inflation rates and nonprofit staff shortages. Here are some additional tips.
SECURE 2.0 passed the U.S. House with strong bipartisan support. While the Senate is working on its own bill, learn about the provisions of the House’s version.
Does your nonprofit rely on contractors to get the work done? Make sure these workers are classified accurately or you may face federal scrutiny and financial penalties.
In today’s marketplace, conditions are ever-changing. By the time you issue year-end financial statements, you may be dealing with a major development that’s affecting your company’s performance. Which developments must be recognized or disclosed in your financials?
Your nonprofit needs a conflict-of-interest policy. Good governance demands it, your stakeholders expect it and even the IRS wants to know how you prevent conflicts.
Is your nonprofit’s current strategic plan uninspiring? Does it prevent you from leveraging current opportunities? Real-time strategic planning enables organizations to capitalize on their competitive advantages.
Most nonprofits aren’t required to undergo audits. But you may want to engage an auditor anyway. Here’s how to make the process go smoothly and reduce time and costs.
The IRS is providing penalty relief for certain pass-through entities required to file Schedules K-2 and K-3 for 2021.