Donation

How to Account for Non-Cash Contributions as a Nonprofit Organization

By |2018-04-17T10:29:07-05:00March 6th, 2018|Accounting, Donation, Gifts, Nonprofit|

Dan Montgomery, CPA and Senior Assurance Associate at TD&T, explains accounting treatment for non-cash contributions. With more than ten years of experience, Dan specializes in audits of nonprofits, governmental entities, and employee benefit plans. Dan is a member of the American Institute of Certified Public Accountants and the Iowa Society of CPAs, and serves nonprofit [...]

How the New Tax Legislation May Affect Charitable Giving

By |2018-02-27T14:19:38-05:00February 9th, 2018|Deductions, Donation, Fundraising, Gifts, Nonprofit, Tax Reform|

The recently approved tax reform has many implications for American taxpayers, including those who are charitably inclined.   Previous tax law provided a deduction to those who donated to charity while also being able to itemize his or her deductions.  Although the overhaul to the tax law did not directly change the deduction for donating to [...]

Guidelines for When Nonprofits Must Issue Receipts

By |2018-02-09T11:02:53-05:00February 9th, 2018|Donation, Gifts, Nonprofit, Records|

Why are receipts required? Before we take a deep dive into the various situations of when a receipt is actually required, let’s look at why the IRS wants organizations to provide receipts.  For 501(C)(3) organizations that want to remain a public charity they must be publicly supported.  Public support refers to the amount of support [...]

Tax Time with TD&T: 2017 Tax Planning Tips with Reform in Mind

By |2018-11-28T15:01:57-05:00December 20th, 2017|Budget, Deductions, Donation, Government, Preparation, Saving, Tax, Tax Reform, Tips|

December is in the home stretch, which means crunch time for 2017 year-end planning!  While it’s important to remember that each taxpayer has a unique situation, and therefore no sweeping generalizations are good to make - below are a few items to consider, especially with 2018 tax reform top of mind.  See my previous blog [...]

Vehicle Donations: Helping Your Cause

By |2017-04-21T12:42:25-05:00April 13th, 2017|Donation, Nonprofit, Vehicle|

Not-for-profit organizations typically engage in a variety of fundraising activities to support their programs and further their tax-exempt purpose. One activity that often resonates with charities and donors alike is the sale of donated vehicles. If your organization currently has or is considering a vehicle donation program, following IRS rules can keep your program running [...]