Monthly Archives: July 2016

New Lease Accounting Standards

By | 2017-04-21T12:51:55+00:00 July 1st, 2016|Accounting, Lease, Nonprofit|

The Financial Accounting Standards Board recently issued Accounting Standards Update No. 2016-02. The guidance affects entities, including nonprofits, that lease assets (lessees) and is intended to improve financial reporting of leasing transactions. Under the guidance, lessees must recognize assets and liabilities for leases with lease terms of more than 12 months. This includes both finance [...]

Postal Rates Decline

By | 2017-04-21T12:52:09+00:00 July 1st, 2016|Mail, Nonprofit|

Nonprofit organizations should be able to benefit from the first reduction in first-class postal rates in 97 years. The new rates, mandated by the Postal Regulatory Commission (PRC), became effective April 10. They reflect the rollback of a 4.3% exigent surcharge granted for the past two years. Organizations that send direct mailings and other mail [...]

Credit Card Fraud and Online Donations

By | 2017-04-21T12:52:19+00:00 July 1st, 2016|Fraud, Nonprofit|

Credit card fraud is a growing problem for charitable organizations. Nonprofit entities that seek to simplify online charitable giving are particularly vulnerable. Targeting Nonprofits Donations are crucial for nonprofits, so organizations often bypass online payment safeguards that can help prevent deceitful practices. This allows scammers to use nonprofits to quickly test many stolen credit card [...]

Developing Leaders Within the Organization

By | 2017-04-21T12:52:46+00:00 July 1st, 2016|Advisory, Leader, Nonprofit, Succession Planning|

Succession planning for executive leadership is a major concern for many nonprofit organizations, but a significant part of the solution may lie within the organizations themselves. Providing leadership training to managers can help them develop the skills they would need to advance in the organization and ease the burden of searching for replacements for executive [...]

Engaging Volunteers

By | 2017-04-21T12:52:57+00:00 July 1st, 2016|Nonprofit, Volunteer|

Volunteers play an essential role in many nonprofit organizations. In 2014 alone, Americans volunteered almost 8 billion hours valued at $184 billion. In addition to their services, volunteers provide monetary support — research has shown that volunteers are almost twice as likely to donate to charity as non-volunteers.* However, for the past decade, the percentage [...]

Tax Planning Ideas for 2016

By | 2017-04-21T12:53:14+00:00 July 1st, 2016|Healthcare, Lease, TAX, Tax Planning, Tax Services|

Various factors influence the amount of income tax you will pay for the 2016 tax year.  Many taxpayers wait until late in the year or even after the end of the year before thinking about the tax ramifications of their actions in a given tax year.  If you have not already considered these issues, you [...]

How the 3.8% Net Investment Income Tax Affects Trusts

By | 2017-04-24T09:24:04+00:00 July 1st, 2016|Investment, TAX, Tax Services, Trust|

Vicki Beckey, CPA, CFF, CSEP and head of TD&T’s estate department, provides some thoughts on understanding tax implications of trusts.  The Heath Care and Education Reconciliation Act of 2010 added Section 1411 to the Code, effective December 31, 2012.  Section 1411 imposes a non-deductible 3.8% tax on net investment income of individuals, estates and [...]

When Things Get Tight, Think Outside the Box

By | 2017-04-24T09:22:34+00:00 July 1st, 2016|Agriculture, Cooperative|

Susan Voss, CPA, one of the heads of our Ag team, provides the next installment in her series on helping farm families understand and respond to changes in agribusiness. I just returned from a couple hour horseback ride through the fields this fine afternoon.  The corn is growing like crazy right now.  Thigh high by [...]

You May Still Qualify for the 2015 Work Opportunity Tax Credit

By | 2017-04-21T12:54:08+00:00 July 1st, 2016|Employment, TAX, Tax Services, WOTC|

To encourage businesses to hire individuals from certain select groups, Congress Passed the Work Opportunity Tax Credit (WOTC) for employers. As they did for a lot of credits and other tax code opportunities, Congress did not renew the WOTC until late in 2015, but the extension applied retroactively back through the entire year.  In addition, [...]

New Department of Labor Ruling on Overtime Pay

By | 2017-04-21T12:54:22+00:00 July 1st, 2016|Employment, Healthcare|

Department of Labor Issues New Ruling on Overtime Pay Important Updates on Overtime Pay and Changes in the QAAF This article provides information on two current issues of concern to TD&T clients: The Department of Labor’s New Overtime Pay Ruling Changes to the Quality Assurance Assessment Fee (QAAF) Department of Labor Issues New Ruling on [...]