Category Archives: Not-for-Profit Practice
Most frauds begin small. Something as simple as an employee forgetting a wallet one day and taking cash out of the register to buy lunch—fully intending to pay it back.
But then the rationalization begins: It was only five dollars or If they would have given me the raise I deserved, I would have used my own money.
Days go by and nothing happens. The employee recognizes the opportunity, and the fraud continues or escalates.
Studies find this scenario fairly typical. Fraud generally (continue reading…)
Know How Long to Keep Those Digital or Paper Documents? Record Retention Guidelines for People, Businesses and Not-for-Profits
When it comes to saving things, there are really two kinds of people: Those who tend to save everything, forever. And those who throw it all away or delete it at the earliest possible moment — and sometimes before.
The same is often true for businesses and not-for-profit organizations. They can save too little or too much, for too long or not long enough.
So, when it comes to digital and paper records, which documents should you keep and for how long?
Although (continue reading…)
Claiming a Small Business Health Care Tax Credit? Estimator Tool Can Help Determine If You’re Eligible and For How Much
Need help in providing your employees with health care?
You may be eligible for a federal small business health care credit through December 31, 2013.
For-profit and not-for-profit organizations must satisfy three requirements to be eligible: fewer than 25 full-time-equivalent employees, average wages of less than $50,000 and a qualifying arrangement for employee health insurance coverage.
If you’re a qualifying for-profit business, the maximum credit is 35 percent of your share of the premiums for your employees. If you’re a not-for-profit organization, you (continue reading…)
It’s tempting. You could really use some inexpensive—perhaps even free—help this summer.
Given the state of the job market, you can no-doubt find an unemployed college student, recent grad or career changer that would welcome an internship for the work experience.
Seems like a fair trade.
But what can you legitimately offer interns? Are you required to pay the prevailing minimum wage, or are unpaid internships really legal? And if they are, why are employers—including the Hearst Corporation, Elite Model Management, Fox Searchlight (continue reading…)
James has worked with a young technology company almost from its inception. Initially the company was one of many clients.
Gradually, James spent more and more time working there and less on projects for other clients. Eventually, he was on-site pretty much every day and only rarely accepted small consulting jobs he could complete evenings and weekends.
Is James still a self-employed consultant? Or, from the perspective of the IRS, has he actually become an employee of the company?
The distinction between an employee (continue reading…)
For some time, for-profit business and not-for-profit organizations that hire qualified veterans and certain members of other targeted groups have been eligible for a federal Work Opportunity Tax Credit (WOTC).
However, the credit for veterans expired at the end of 2012 and for targeted non-veterans at the end of 2011.
The American Taxpayer Relief Act, signed into law in January of 2013, retroactively extended the WOTC through December 31, 2013 for veterans and targeted non-veterans.
Because of the retroactive nature of this extension, (continue reading…)
The U.S. Citizenship and Immigration Service (USCIS) has updated Form I-9, used to verify the identity and employment authorization of persons hired in the U.S.
The new I-9 Employment Eligibility Verification form, version date 03/08/2013, can be used immediately for new hires and verifications, but must be used after May 7 when older versions are no longer accepted.
Existing I-9 forms for current employees do not have to be updated for the version change.
You can download an English and/or a Spanish version (continue reading…)
The newly enacted American Taxpayer Relief Act retroactively reinstated federal tax rules that allow certain IRA owners to make tax-free distributions from their IRAs to eligible charities.
If you have an IRA and are age 70½ or older, you can make tax-free distributions of up to $100,000 per year for 2012 and 2013. These distributions aren’t subject to charitable contribution limits since they aren’t included in your gross income or claimed as a deduction on your return. They do, however, count (continue reading…)
Hiring a Veteran? Expanded Federal Tax Credit Available for Businesses and Not-for-Profit Organizations
We can do better for our veterans.
The unemployment rate for our nation’s veterans dropped over the last year, along with the overall unemployment rate.
Yet the rate for veterans from Iran and Afghanistan remains consistently higher. And for younger veterans, the unemployment rate is well over twice the national average, at more than 20 percent.
As one part of a broader strategy to assist our returned and returning veterans, Congress passed and President Obama signed the VOW to Hire Heroes Act, which (continue reading…)
Virtually unheard of just 30 years ago, cell phone use in the U.S. has exploded since the first 150-user trial in D.C. and Baltimore in 1981. Now, for most of us, it’s unimaginable to function without one.
If your business provides employees with cell phones for business use—or reimburses employees for the business use of their personal cell phones—you’ve been subject to tax rules and recordkeeping requirements mandated by the IRS. If you’re an employee, the value of the cell phone (continue reading…)