Today’s post will continue the discussion of substantiating various types of gifts. Recordkeeping for non-cash contributions. Recordkeeping for noncash contributions will depend on the value of the contribution. Noncash contribution of $500 or less. The taxpayer must obtain a … [Read more...]
Substantiating Gifts – Part 1
As we do each year about this time, we will discuss various rules about substantiating a donor gift. There is still a surprising amount of litigation about proper documentation. Many organizations are not careful about following the rules, with the result that they have donors who lose their … [Read more...]
New Overtime Rules Go Into Effect on January 1, 2020
If you haven’t started planning for it yet you need to know that the new threshold for those eligible for overtime takes effect January 1, 2020. The current threshold is $23,660 per year or $455 per week. That amount hasn’t changed since 2004. It includes bonuses but excludes most fringe benefits. … [Read more...]
Reasons You Could Lose Your Tax Exempt Status
After going through the long process of setting up your nonprofit, including becoming tax-exempt, once you start working, it’s easy to lose sight of the administrative side. But like any business, nonprofit or not, it’s important to keep track of everything, especially important business matters. … [Read more...]
Can A Living Trust Protect Your Assets From Medicaid?
In the process of estate planning, you may want to ensure that your spouse, children, or other beneficiaries receive what you intend them to have. Unfortunately, if your medical needs require you to enter a long-term medical facility, anything over $2,000 will be subject to use in paying for your … [Read more...]