Blogging Beyond the Numbers

This Fall, more and more nonprofits are starting to host virtual special events, taking place for some of the traditional in-person events. A number of nonprofits have creatively found ways to arrange for pickups of food, beverages, and other goodies to enjoy during the online event. Tickets for these events are generally partly a contribution and partly a payment for goods or services received by the dono...

Net income received by a tax-exempt organization may be subject to federal corporate income taxation if the income is generated by the performance of an activity that is a trade or business, is regularly carried on, and is not substantially related to the organization’s tax exempt purpose. One area of debate has been whether an organization’s production of a convention or trade show was an activity tha...

Many not-for-profit organizations rely on contributions of nonfinancial assets, commonly referred to as gifts-in-kind, to help achieve their missions. A new Accounting Standards Update issued by the Financial Accounting Standards Board (FASB) will require not-for-profit organizations to provide additional information about gifts-in-kind they receive. Examples of gifts-in-kind include contributions of lo...

It is no secret that 2020 has been a year of change, abnormality, and uncertainty. Many of us have had to adjust to a remote environment and do things virtually that we traditionally haven’t been accustomed to do. The same can be said in the accounting and auditing world. For some, going through an audit of your organization is a stressful and busy time, and adding an extra layer of complexity by doing i...

When you outsource your accounting, you’re forming a connection with someone who can not only handle the books, but also help your company reach its goals. The better your relationship is, the more your company will benefit. Here are 5 tips for making your outsourced accounting relationship successful: 1. Be clear about your expectations. When you outsource your accounting, make your pri...

How should I adjust my internal controls while working remotely? It’s no surprise that one of the most commonly asked questions our assurance department receives from clients lately is “how should I adjust my internal controls for COVID while working remotely?” It’s a question everyone is curious about and looking for recommendations on. The answer isn’t as cookie-cutter as some may think, giv...

On June 3rd, the Senate passed the Paycheck Protection Program Flexibility Act.  The bill now awaits the president’s signature.  The bill includes some much needed changes that will help businesses and organizations utilize the funds to meet their needs.  The covered period is now extended to 24 weeks, up from the original 8 week period.The covered period is now extended to December 31,...

No matter how long you’ve owned your business, you probably feel comfortable relying on the methods that have served you well in the past, like doing your own bookkeeping. But when it comes to accounting, it pays to outsource. Keeping your own financial records takes a lot of time, especially if you use Excel or other tools that require tedious hours of manual input. Whether you handle your accounting...

According to the Association of Certified Fraud Examiners’ 2018 report, when looking at 2,690 cases of occupational fraud across 125 countries, there were $7 billion in total losses with a median loss of $130,000 per case. The two largest categories of fraud are asset misappropriation (i.e. theft) and financial statement fraud (i.e. lying). Asset misappropriation is the more common type, accounting for 8...

Legislation signed December 20, 2019 retroactively repealed Internal Revenue Code Section 512(a)(7), which increased unrelated business taxable income by amounts paid or incurred for qualified transportation fringes.  The IRS released guidance this week on how to go about obtaining refunds if an organization incurred any tax related to qualified transportation fringes. Internal Revenue Code Section...