The top ten things the IRS wants every taxpayer to know before deducting charitable donations is a useful reminder of some of the basic rules in this area . See http://www.irs.gov/newsroom/article/0,,id=172936,00.html for this summary .
Once considered the “low maintenance” retirement plan arrangement, 403(b) plans are now required to operate much more like their 401(k) counterparts. This means greater regulatory oversight and more responsibility on the part of plan administrators to ensure compliance. Gone are the “good ole days” of no formal plan document, limited 5500 reporting, plan activities that […]
Effective July 1, 2010, all organizations, small and large, will be required to comply with the Payment Card Industry Data Security Standards (“PCI DSS”). What is PCI DSS? PCI DSS is a set of security standards created by Visa, Inc., MasterCard Worldwide, American Express, Discover Financial Services and JCB International to protect cardholders from the […]
Given the current economy we are seeing a lot of nonprofits with bank covenant violations. Banks often include covenants in loan documents as a way of protecting themselves and trying to enure that what they are being paid on the loan (interest) is consistent with the credit rating of the borrower. Covenants include things like […]
All US taxpayers are required to report any interest in a foreign-sourced bank or investment account on an annual basis, due on June 30th (Form TD F 90-.22.1). The penalty for failure to report is substantial. The IRS has given taxpayers until September 23, 2009 to catch up on this obligation by filing the required […]
In my previous post, I recommended a search website powered by Yahoo. Now, to even the playing field, I’d like to share with you how Google may help to support your non-profit. Google has created a program whereby non-profit organizations can apply for a grant for in-kind advertising donations awarding free AdWords advertising. Google grants […]
The popular website Charity Navigator has published the 2009 CEO Compensation Study which compares the compensation of thousands of nonprofits by geographic area, size, charitable mission and more. The new 2008 Federal Form 990, Schedule J inquires how your organization establishes CEO compensation, and this survey provides one alternative to this highly scrutinized area. Click […]