The TG Blog

Resources and articles to empower you and keep you up to date.

New Tax Law Changes for Nonprofit and Private Foundations

January 13, 2020

On December 20, 2019, the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” was signed into law for the 2020 fiscal year.  The legislation included a provision which has repealed IRC Section 512(a)(7), known as the “Parking Tax” for tax-exempt entities, as well as a provision that simplified the net investment income tax imposed…

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benchmarking financial performance

Benchmarking Financial Performance

January 13, 2020

You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they don’t mean much. That’s why it’s important to compare your company’s performance over time and against competitors. Conduct a well-rounded evaluation A comprehensive benchmarking study requires calculating ratios that gauge the following five elements:…

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nonprofit sales tax

South Dakota v. Wayfair, Inc.: What This Sales Tax Case Means for Nonprofits

January 10, 2020

A landmark ruling by the U.S. Supreme Court in 2018 dramatically expanded the ability of states to impose sales tax collection obligations on out-of-state organizations that sell goods and services within their boundaries. Since then, state legislatures and municipalities have scrambled to pass laws targeting organizations that lack a physical presence in their jurisdictions. Some…

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collective impact

Collective Impact Inquiries Rely on Harmony

January 8, 2020

Collective impact, an approach that’s growing among nonprofits, is more than just collaboration. Its originators describe the phrase as the commitment of a group of important players from different sectors to a common agenda for solving a specific social problem. That includes the nonprofits themselves, government, businesses and constituent communities. In the Stanford Social Innovation…

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construction family business succession plan

Respond Quickly to Succession Plan Troubles

January 8, 2020

Family-owned construction businesses often face distinctive challenges when it comes to creating a succession plan. Emotions can run high, and the business owner’s lifelong working legacy may be at stake. Once you’ve chosen a successor, and put a basic succession plan in place, it’s important to respond quickly if trouble starts brewing. Form your team…

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acknowledgments

Writing Donation Acknowledgment Letters

January 7, 2020

Sending thank-yous to your donors doesn’t just make sense in terms of building and maintaining relationships. The IRS mandates that taxpayers substantiate single contributions of $250 or more with contemporaneous written acknowledgments. Here’s what you should include in those acknowledgments. The essentials A written contribution acknowledgment should contain: The name of your organization, The amount…

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employee benefit plans

Employee Benefit Plans: Do You Need a Form 5500 Audit?

January 6, 2020

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to collectively…

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leases hiding in your contracts

New Accounting Standard: Are There Leases Hiding in Your Contracts?

January 3, 2020

Late last year, the Financial Accounting Standards Board granted a one-year reprieve from new lease accounting rules to private companies that comply with Generally Accepted Accounting Principles (GAAP). This means that GAAP-compliant construction businesses with a calendar year end now have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases. (Contractors with a…

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new tax law for the holidays

Congress Gives a Holiday Gift in the Form of Favorable Tax Provisions

January 2, 2020

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement…

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nonprofit tax exempt status could be revoked

Protect Your Exempt Status in Election 2020

January 2, 2020

Nonprofits that are tax-exempt as 501(c)(3) organizations, including charities and churches, are barred from participating or intervening in any political campaign for or against a candidate for public office. Organizations that violate the prohibition risk losing their tax-exempt status. They also could find themselves on the hook for an excise tax. Here’s what you need…

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