Legacy Professionals News
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Your not-for-profit may prefer to avoid activities that subject it to unrelated business income tax (UBIT). But if you accept advertising or sponsorships that aren’t
- Nonprofit Updates, Tax Info
As the COVID-19 pandemic finally seems to be fading in the United States, your not-for-profit organization may be making plans for its post-pandemic future. Is
- Nonprofit Updates
If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services and supplies, you should know about Financial Accounting Standards Board (FASB) rules
- Nonprofit Updates
If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose adjustments to these interim statements at
- Nonprofit Updates
Not-for-profit organizations may operate under the assumption that their missions and their board members’ good intentions protect them from litigation. Sometimes, this assumption is proven
- Nonprofit Updates
Not-for-profit organizations are different from for-profit businesses in many vital ways. One of the most crucial differences is that under Section 501(c)(3), Sec. 501(c)(7) and
- Nonprofit Updates, Tax Info
Many organizations get stuck in procedural ruts because it’s easier in the short term to continue doing things the way they’ve always been done. But
- Nonprofit Updates
No one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7%
- Nonprofit Updates, Tax Info
Your accounting and development departments are central to the continued financial health of your not-for-profit. So what happens when communication between these two functions break
- Nonprofit Updates, Tax Info
On May 15, 2020, the Small Business Administration (SBA) issued the much-anticipated Loan Forgiveness Application (SBA Form 3508) for the Paycheck Protection Program (PPP). As
- Employee Benefit Plan News, Nonprofit Updates
On April 9, 2020, the Internal Revenue Service (IRS) issued Notice 2020-23, which amplifies previous notices providing taxpayer relief due to the coronavirus pandemic. Notice
- Employee Benefit Plan News, Labor News, Nonprofit Updates
In addition to an employee retention credit and advance payment of payroll credits for employee paid sick and family leave, the CARES Act also provides
- Employee Benefit Plan News, Labor News, Nonprofit Updates
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