Most businesses know that Form 1099 NEC (non-employee compensation) is required for services over $600. However, in 2021 the American Rescue Plan Act included a provision to require Form 1099-K for all funds transfers on sites like Venmo, PayPal, eBay, and Etsy. Form 1099-K had previously only been used for significant amounts of credit card…
Working from home is here to stay. What does that mean for you as an employer? What does it mean for your employees? While remote working might be a simple task if all your employees are in the same state as your business there are implications you should consider as you develop your remote working…
The inflation reduction act recently added around $80 billion to the IRS budget through year 2031. What does this mean to you as a taxpayer? There are many recaps claiming that this will pay for 87,000 new IRS employees, however; that was merely a suggestion in a 2021 report. They may hire all these new…
Since the beginning of the pandemic, financial markets have been riding a roller coaster. This volatility is a good reminder that if your nonprofit has an endowment, it could benefit from management by a professional investment advisor. Here’s how to find a qualified advisor. Nonprofit experience required Finding the right investment advisor for your organization…
Whether your not-for-profit is continuing to hold videoconference board meetings or is back to in-person gatherings, you don’t want to waste members’ time. Board meetings need to be long enough to accomplish agenda items and keep your organization on track, but not so long that the meetings become tedious and unproductive. The key is good…
Watch out, nonprofit trade associations! If your group is a 501(c)(6) organization, your activities could potentially threaten your tax-exempt status. To ensure you’re in compliance with IRS rules, you need to routinely review your member offerings and any business you might conduct. Support common interests Trade associations exist to promote their members’ common interests and…
Accountable plans reimburse employees for work-related expenses free of federal income and employment taxes. So reimbursement payments aren’t subject to withholding from staffers’ paychecks. Your not-for-profit also benefits because the reimbursements aren’t subject to the employer’s portion of federal employment taxes. Most prospective employees probably won’t accept a job based on the availability of an…
You might think that artificial intelligence (AI) is just about using computers to perform complex tasks that otherwise would require human intelligence. That’s part of AI. But several technologies fall under the AI umbrella, including machine learning, natural language processing (NLP) and robotic process automation. Here’s how tools such as these can help nonprofits cut…
The typical defrauded not-for-profit loses $75,000 per fraud incident, according to the Association of Certified Fraud Examiners. And that doesn’t account for the negative publicity and subsequent lost donations and support that often follow fraud. Although no preventive measure is 100% effective, strong internal controls can greatly reduce the risk that a crooked staffer or…
Economic instability caused by the pandemic may have your nonprofit scrambling to find funding. But just as important is making internal adjustments that build your nonprofit’s capacity to fulfill its long-term mission. However, you may want to tweak the standard capacity-building process. Making a case The National Council of Nonprofits defines “capacity building” as the…
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