Non-Profit Endowments

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Managing an Endowment A large endowment that will keep your Non-profit financially worry-free in the future and allow it to fulfill its mission is a universally longed for dream. In the real world, endowments also carry serious responsibilities, created by the Uniform Prudent Management of Institutional Funds Act (UPMIFA). Many smaller non-profit organizations believe that […]

Take care of a loved one who has special needs with an SNT

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Special needs trusts (SNTs), also called “supplemental needs trusts,” benefit children or other family members with a disability that requires extended-term care or that prevents them from being able to support themselves. This trust type can provide peace of mind that your loved one’s quality of life will be enhanced while not disqualifying him or […]

Combining business and vacation travel: What can you deduct?

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If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs to and from the location of your business activity are 100% deductible as long as the primary reason for the […]

PARTNERSHIPS: If you thought TEFRA was bad, these new partnership audit rules change the game….

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PARTNERSHIPS: If you thought TEFRA was bad, these new partnership audit rules change the game….   The rules apply to returns for partnership tax years that begin after December 31, 2017, including amended returns. These new rules effectively impose a tax on the partnership for changes found during an audit. Anyone operating as a partnership or […]

What is a DAF?

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Charitable giving through a Donor-Advised Fund (DAF) Donor-Advised Funds (DAF) are a unique opportunity if you are planning to make substantial charitable donations in the coming year. This type of account allows you to take a charitable income tax deduction immediately, while allowing time to make a decision about how much to give and to […]

Non-Profits and Education Related Activities

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Your non-profit may provide education related activities. Your board and organizers may have in mind that their activities are all tax exempt. Educational activities may be tax exempt, but there are other tests for tax exemption as well. An educational activity must benefit the public interests, and not private interests. The interpretation of “benefiting the […]

Prevent expense account padding with the right policies

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Ask employees whether padding expense account reports is wrong and just about everyone will say “yes.” Yet inflated expenses continue to cost businesses thousands of dollars annually. For this reason, every company must establish the right policies to stop it. How it works To stop expense padding, you need to know how it works. Expense […]