Start the New Year Right with These Quick Accounting Reminders With the holiday season behind us, we finance and administrative folk turn our attention to the tasks of the new year. Here are two quick accounting reminders for non-profits to get you off to a great start in 2014. 501(c)(4) Regulations Proposed Changes Education Opportunity(Read More…)

Changes to Regulations for 501(c)4 Last week, the IRS issued proposed changes to the regulations governing political activity and nonprofits, specifically 501(c)(4) organizations. It appears that nothing will change where 501(c)(3)s are concerned because political activity is already forbidden, though “the Treasury Department and the IRS recognize that, because such intervention is absolutely prohibited under(Read More…)

Applying for tax-exempt status with the IRS has been a challenging exercise for as long as I can remember (nearly 20 years now!) and was probably no fun before that. The Form 1023 is 28 pages long not counting instructions, and requires information on articles of incorporation, financial activities, board members and their potential related-party(Read More…)

Is Two Better Than One? I have two relatively new clients whom I’m assisting with setting up systems and alleviating a backlog left by the previous accountant. Both are 501(c)(3) organizations which have close relationships with another 501(c)(3). Both use QuickBooks. The audits of both pairs of organizations resulted in consolidated financial statements. But the(Read More…)