Accounting & Business Advisory Blog

This month's Not-for-Profit Update includes:

• Predicting the Impact of Changing Tax Treatment of Charitable Contributions
• Payroll Audit Updates                
• The Age of Nonprofit Mergers is Upon Us
• The Case of Exempt Organizations in the Tax Reform Debate
• New District of Columbia Nonprofit Corporation Act
• Executive Compensation: Did We Do All The Right Things?
• The IRS Issues Guidance on Tax Treatment of Cell Phones and Provides Recordkeeping Belief 
• More Changes and Debate Over the FASB's Proposed...

• IRS Changes Postion on Who Must Approve Governance Policies
• IRS Releases New Form 8940, Request for Miscellaneous Determinations
• AICP Comments on Revised For 99-0
• Navigating Through the Acounting for Joint Activities
• Executive Compensation: Is it reasonable?
• Updates From the IRS
• Private Foundation Foreign Giving

Growing your company through mergers or acquisitions can provide a tremendous boost to business, but isn’t something to take lightly.

You have to consider how you want the organization to grow When you start identifying targets, consider what sort of operational challenges you will face. We call that smart growth — what should an organization look like for the short-term and the long-term.

Before considering growing your business through a merger or acquisition, what should a business owner think...

Strong business skills alone are not enough for business owners who want to grow their businesses. They must implement strategic plans to help them meet that goal. Sometimes owners get so focused on day-to-day operations, though, that they let the future take a back seat to the present — and what lies in between.

As hard as it may be to find the time to plan, they should develop measurable short-, mid- and long-term goals, link short-term goals with long-term outcomes, develop realistic budgets...

Reduced Taxes for Exporters Extended: Are You Taking Advantage of the IC-DISC?

Does your Company export goods to Canada, Mexico, or other countries?  Do you provide engineering, architecture, or design for property constructed outside the United States?  If so, you may be eligible for a Federal income tax incentive known as an Interest Charge Domestic International Sales Corporation (the "IC-DISC").  The IC-DISC could potentially save you a significant amount of US income taxes.

Click here to...

Uncertain Tax Positions: Lessons Learned and a Look Forward

By R. Michael Sorrells, CPA

ASC 740-10, Accounting for Uncertainty in Tax Positions (formerly FIN 48) was required to be implemented by "public" non-profits, such as those with certain tax-exempt bonds for years beginning after December 15, 2006. However, the vast majority of nonprofit organizations were allowed to defer this requirement until years beginning after December 15, 2008 (generally calendar year 2009 and fiscal years...

The Pension Protection Act of 2006 mandated that organizations required to file Form 990 series informational returns would automatically lose their exempt status if the forms were not filed for three years in a row (section 6033(j)(1)). The Act also created a new form, the Form 990-N, Electronic Notice (e-Postcard), for most small organizations with less than $25,000 in gross receipts. Previously, these small organizations were not required to file any return at all. Thus, small organizations...