The COVID-19 relief legislation signed into law in December 2020 includes some provisions that could be a boost to donors and the nonprofits they support. For example, it extends the temporary “universal charitable deduction” for taxpayers who don’t itemize their deductions through 2021. The deduction was limited to $300 for cash contributions to qualified charities…Read More
Some nonprofits have been forced to restructure their organizations due to the economic challenges of the COVID-19 pandemic. Fortunately, IRS rule changes from a couple of years ago make the restructuring process far easier than it once was. If you’re considering such a change, here’s what you need to know. How have the rules changed?…Read More
The pandemic has forced many nonprofits to change to work-at-home mode for extended periods, and some may remain there even as COVID-19 recedes. This shift in operations offers potential advantages, but it’s critical that organizations institute new, or adapt existing, internal controls to protect their finances and accounting-related data. Here are some of the most…Read More
Donors and funders want to know how your nonprofit uses its financial resources — maybe even more than ever during this difficult time. Rules issued by the Financial Accounting Standards Board (FASB) can help you break down spending. Here’s a review of the key rules affecting expense allocation. And the definitions are … According to…Read More
With the COVID-19 crisis pushing people across the country into financial hardship, it’s natural that some nonprofits want to extend a helping hand to staff members. The good news is that the federal tax code provides a way to make tax-free direct payments to your employees who’re in need with disaster relief. What qualifies Section…Read More
The IRS issued its final regulations on the tax treatment of transfers made to charitable entities in return for “consideration.” Among other things, the rules tackle a recent tax strategy for avoiding the limit on state and local tax deductions imposed by the Tax Cuts and Jobs Act (TCJA). The regs also include an important…Read More
Artificial intelligence (AI) has made an impact on a wide range of industries, including the nonprofit sector. Although some organizations might find this evolving technology daunting and cost-prohibitive, AI tools can help nonprofits of all sizes cut costs by streamlining operations. You might even be able to leverage AI to better achieve mission-critical objectives. Defining…Read More
Many nonprofits rely on contributions of nonfinancial assets, such as fixed assets (land, buildings, equipment), services, and materials and supplies, called gifts-in-kind. New rules from the Financial Accounting Standards Board (FASB) are intended to increase transparency around such donations. The FASB is finalizing a new standard on handling gifts-in-kind donations. It released a proposed Accounting…Read More
Corporate matching gift programs are an almost surefire way to make the most of charitably minded companies and their gift-giving employees. According to Giving in Numbers: 2019 Edition by the Committee Encouraging Corporate Philanthropy, nine out of 10 responding companies said they offered an employee matching gift program. The resulting donations accounted for nearly 11%…Read More
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