Federal, state, and local government agencies are subject to external audit requirements, so it’s in your agency’s best interest to practice something known as audit readiness.
Read MoreWhen a person dies, their estate is responsible for managing and settling their debts. The executor must take inventory of assets and debts, prioritize payments, and handle exempt assets and debt assumptions.
Read MoreUnrelated Business Income Tax (UBIT) is a tax imposed on income generated by nonprofit organizations from activities that are unrelated to their primary mission. Qualified sponsorship payments are not subject to UBIT, but if a sponsor receives substantial return benefits beyond acknowledgments, such as advertising, UBIT may apply.
Read MoreThe federal tax code offers a strategy to mitigate business downturns by allowing certain losses to reduce taxable income in future years. The Net Operating Loss (NOL) deduction helps businesses average their income and losses over several years, ensuring fair tax payments.
Read MoreCoordinating estate plans between spouses is crucial to avoid unintended consequences such as conflicting provisions, unexpected tax implications, or assets passing in ways that don't align with shared wishes. This approach ensures that both spouses' documents and strategies work together harmoniously, enhancing tax efficiency, streamlining estate administration, and adhering to state laws.
Read MoreCrowdfunding platforms nonprofit organizations to raise money and engage potential supporters, especially younger adults. Tax implications of crowdfunding can be complex and different from traditional fundraising methods.
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