Resources - Novak Francella | Certified Public Accountants

5 questions can help nonprofits avoid accounting and tax mistakes

January 1, 2019

Key nonprofit accounting questions: Documented processes? Proper software use? Accurate UBI reporting? Correct worker classification? Data backup? Address these to minimize errors, protect resources. Consult experts for guidance on improving policies and processes.

Tax Cuts and Jobs Act (TCJA) - Impact on Tax Exempt Organizations

November 12, 2018

The 2017 Tax Cuts and Jobs Act that was enacted late in 2017 made several changes to the tax laws affecting tax-exempt organizations, including a new Unrelated Business Taxable Income (“UBTI”) tax rate at a flat 21% for any UBTI over the $1,000 standard deduction. Caution: These changes will make some nonprofit organizations pay federal […]

How gift card scammers target companies — and what you can do

November 5, 2018

Gift cards offer businesses a convenient way to reward employees and thank customers. However, as the FBI recently warned, gift card scams specifically targeting companies are on the rise. Since January 2017, losses from such fraud schemes have surpassed $1 million. Here’s what you need to know to avoid being cheated. Anatomy of a scam […]

FASB Update (Topic 715-20)

October 31, 2018

On August 20, 2018 the FASB issued and Auditing Standard Update on "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans". Please follow this link for our briefing. Briefing Please contact us for additional information

Benefit Basics - Accounting and Tax Record Retention

October 31, 2018

It's the start of a new year. Are your filing cabinets so full that you cannot file any new documents? If you answered yes, continue reading ... Full article Please contact us for additional information

Why Financial Statement Audit Quality Matters!

October 31, 2018

What's the first thing you should think about when looking at an audited financial statement for an employee benefit plan? If you answered audit quality, you are correct... Full article Please contact us for additional information

Benefit Basics - getting organized

October 31, 2018

How organized are you? Do you have a compliance calendar? Do you know where to look to see your due dates for tax filings? How organized is your Microsoft Outlook calendar? These are all questions you should ask yourself if you are a plan administrator ... Full article Please contact us for additional information

3 ways to protect yourself from fraud when shopping online

October 31, 2018

Online shopping risks: fraudulent sites and sellers. Protect yourself by using feedback features, researching unfamiliar sites, and always paying with credit cards. Be wary of direct payment requests. Trust your instincts and avoid transactions that feel suspicious.

Why your nonprofit’s internal and year end financial statements may differ

October 30, 2018

Internal financial statements often use cash basis, while audited statements use accrual basis per GAAP. This causes year-end adjustments. Cash basis is simpler but less accurate. Accrual recognizes receivables and payables. Auditors may also adjust for estimates. Minimize differences by improving software use and estimates.

Holding a fundraising auction? Make sure your nonprofit is tax-compliant

October 26, 2018

Auctions require tax compliance. Acknowledge item donations over $250. Inform donors about deduction limits. File Form 8282 for items over $500 sold within 3 years. Provide bidders with fair market values. Disclose quid pro quo contributions over $75.

Changes ahead for 401(k) hardship withdrawal rules

October 25, 2018

2019 changes to 401(k) hardship withdrawals: Expanded withdrawal limits, no six-month participation ban. Still subject to penalties and taxes. Reasons for withdrawal unchanged. Must be for immediate, heavy financial need. Employers should review plan rules.

Should your nonprofit hold virtual board meetings?

October 22, 2018

Virtual board meetings can improve participation and attract busy candidates. Challenges include communication issues and confidentiality concerns. Preparation is crucial: test technology, distribute materials early, and consider voting procedures. Check state laws and amend bylaws before implementing.

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